Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
Document and Entity Information [Abstract] | ||
Entity registrant name | CIMPRESS N.V. | |
Entity central index key | 1,262,976 | |
Document type | 10-K | |
Document period end date | Jun. 30, 2015 | |
Amendment flag | false | |
Document fiscal year focus | 2,015 | |
Document fiscal period focus | FY | |
Current fiscal year end date | --06-30 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity filer category | Large Accelerated Filer | |
Entity Public Float | $ 2,305,056,807 | |
Entity common stock, shares outstanding | 32,449,801 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 103,584 | $ 62,508 |
Marketable Securities | 6,910 | 13,857 |
Accounts receivable, net of allowances of $372 and $212, respectively | 32,145 | 23,515 |
Inventory | 18,356 | 12,138 |
Prepaid expenses and other current assets | 56,648 | 45,923 |
Total current assets | 217,643 | 157,941 |
Property, plant and equipment, net | 467,511 | 352,221 |
Software and web site development costs, net | 22,109 | 14,016 |
Deferred tax assets | 17,172 | 8,762 |
Goodwill | 400,629 | 317,187 |
Intangible assets, net | 151,063 | 110,214 |
Other assets | 32,115 | 28,644 |
Total assets | 1,308,242 | 988,985 |
Current liabilities: | ||
Accounts payable | 65,875 | 52,770 |
Accrued expenses | 172,826 | 121,177 |
Deferred revenue | 23,407 | 26,913 |
Deferred tax liabilities | 1,043 | 2,178 |
Short-term debt | 22,602 | 37,575 |
Other current liabilities | 21,470 | 888 |
Total current liabilities | 307,223 | 241,501 |
Deferred tax liabilities | 48,007 | 30,846 |
Lease financing obligation | 93,841 | 18,117 |
Long-term debt | 499,941 | 410,484 |
Other liabilities | 52,073 | 44,420 |
Total liabilities | $ 1,001,085 | $ 745,368 |
Commitments and contingencies (Note 18) | ||
Temporary equity | ||
Redeemable noncontrolling interests | $ 57,738 | $ 11,160 |
Shareholders’ equity: | ||
Preferred shares, par value €0.01 per share, 100,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Ordinary shares, par value €0.01 per share, 100,000,000 shares authorized; 44,080,627 shares issued; and 33,203,065 and 32,329,244 shares outstanding, respectively | 615 | 615 |
Treasury shares, at cost, 10,877,562 and 11,751,383 shares, respectively | (412,132) | (423,101) |
Additional paid-in capital | 324,281 | 309,990 |
Retained earnings | 435,052 | 342,840 |
Accumulated other comprehensive (loss) income | (98,909) | 2,113 |
Total shareholders’ equity attributable to Cimpress N.V. | 248,907 | 232,457 |
Noncontrolling interest | 512 | 0 |
Total shareholders' equity | 249,419 | 232,457 |
Total liabilities, noncontrolling interests and shareholders’ equity | $ 1,308,242 | $ 988,985 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Jun. 30, 2015USD ($)shares | Jun. 30, 2015€ / shares | Jun. 30, 2014USD ($)shares | Jun. 30, 2014€ / shares |
Current Assets | ||||
Allowance for doubtful accounts | $ | $ 372 | $ 212 | ||
Stockholders' Equity | ||||
Preferred shares, par value | € / shares | € 0.01 | € 0.01 | ||
Preferred shares, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred shares, shares issued | 0 | 0 | ||
Preferred shares, shares outstanding | 0 | 0 | ||
Ordinary shares, par value | € / shares | € 0.01 | € 0.01 | ||
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 | ||
Ordinary shares, shares issued | 44,080,627 | 44,080,627 | ||
Ordinary shares, shares outstanding | 33,203,065 | 32,329,244 | ||
Treasury shares | 10,877,562 | 11,751,383 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |||
Revenue | $ 1,494,206 | $ 1,270,236 | $ 1,167,478 | ||
Cost of revenue (1) | 568,599 | [1] | 451,093 | [1] | 400,293 |
Technology and development expense (1) | 194,360 | [1] | 176,344 | [1] | 164,859 |
Marketing and selling expense (1) | 489,743 | [1] | 440,311 | [1] | 446,116 |
General and administrative expense (1) | 145,180 | [1] | 116,574 | [1] | 110,086 |
Income from operations | 96,324 | 85,914 | 46,124 | ||
Other income (expense), net | 20,134 | (21,630) | (63) | ||
Interest expense, net | (16,705) | (7,674) | (5,329) | ||
Income before income taxes and loss in equity interests | 99,753 | 56,610 | 40,732 | ||
Income tax provision | 10,441 | 10,590 | 9,387 | ||
Loss in equity interests | 0 | 2,704 | 1,910 | ||
Net income | 89,312 | 43,316 | 29,435 | ||
Add: Net loss attributable to noncontrolling interests | 2,900 | 380 | 0 | ||
Net income attributable to Cimpress N.V. | $ 92,212 | $ 43,696 | $ 29,435 | ||
Basic net income per share attributable to Cimpress N.V. | $ 2.82 | $ 1.33 | $ 0.89 | ||
Diluted net income per share attributable to Cimpress N.V. | $ 2.73 | $ 1.28 | $ 0.85 | ||
Weighted average shares outstanding — basic | 32,644,870 | 32,873,234 | 33,209,172 | ||
Weighted average shares outstanding — diluted | 33,816,498 | 34,239,909 | 34,472,004 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | $ 24,075 | $ 27,786 | $ 32,928 | ||
Cost of revenue | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 78 | 251 | 398 | ||
Technology and development expense | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 4,139 | 7,041 | 9,209 | ||
Marketing and selling expense | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 1,952 | 5,082 | 6,354 | ||
General and administrative expense | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | $ 17,906 | $ 15,412 | $ 16,967 | ||
[1] | Share-based compensation is allocated as follows: |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Other comprehensive income (loss), net of tax: | |||
Net income | $ 89,312 | $ 43,316 | $ 29,435 |
Foreign currency translation gain (loss) | (93,627) | 8,019 | (910) |
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges | (1,417) | (1,285) | 483 |
Amounts reclassified from accumulated other comprehensive income to net income on derivative instruments | 815 | 396 | (397) |
Unrealized gain (loss) on available-for-sale-securities | (6,275) | 9,246 | 0 |
Unrealized gain (loss) on pension benefit obligation | (388) | (2,724) | 0 |
Comprehensive income (loss) | (11,580) | 56,968 | 28,611 |
Add: Comprehensive loss attributable to noncontrolling interests | 2,770 | 397 | 0 |
Total comprehensive income (loss) attributable to Cimpress N.V. | $ (8,810) | $ 57,365 | $ 28,611 |
Consolidated Statement of Share
Consolidated Statement of Shareholders Equity Statement - USD ($) $ in Thousands | Total | Ordinary Shares [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance, Shares at Jun. 30, 2012 | 49,950,000 | (15,831,000) | ||||
Beginning balance, Value at Jun. 30, 2012 | $ 189,287 | $ 699 | $ (378,941) | $ 285,633 | $ 292,628 | $ (10,732) |
Issuance of ordinary shares due to share option exercises, Shares | 281,000 | |||||
Issuance of ordinary shares due to share option exercises, Value | $ 4,805 | $ 8,715 | (3,910) | |||
Cancellation of treasury shares, Shares | 5,869,662 | (5,870,000) | 5,870,000 | |||
Cancellation of treasury shares, Value | $ 0 | $ (84) | $ 30,262 | (7,259) | (22,919) | |
Restricted share units vested, net of shares withheld for taxes, Shares | 242,000 | |||||
Restricted share units vested, net of shares withheld for taxes, Value | (3,556) | $ 6,014 | (9,570) | |||
Excess tax benefit from share-based compensation | 1,796 | 1,796 | ||||
Share-based compensation expense | 32,969 | 32,969 | ||||
Purchase of ordinary shares, Shares | (1,851,000) | |||||
Purchase of ordinary shares, Value | (64,351) | $ (64,351) | ||||
Net income attributable to Cimpress N.V. | 29,435 | 29,435 | ||||
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges | 86 | 86 | ||||
Foreign currency translation, net of hedges | (910) | (910) | ||||
Amounts reclassified from accumulated other comprehensive income to net income on derivative instruments | (397) | |||||
Ending balance, Shares at Jun. 30, 2013 | 44,080,000 | (11,289,000) | ||||
Ending balance, Value at Jun. 30, 2013 | 189,561 | $ 615 | $ (398,301) | 299,659 | 299,144 | (11,556) |
Issuance of ordinary shares due to share option exercises, Shares | 297,000 | |||||
Issuance of ordinary shares due to share option exercises, Value | 1,010 | $ 9,011 | (8,001) | |||
Restricted share units vested, net of shares withheld for taxes, Shares | 285,000 | |||||
Restricted share units vested, net of shares withheld for taxes, Value | (6,015) | $ 8,205 | (14,220) | |||
Excess tax benefit from share-based compensation | 5,159 | 5,159 | ||||
Share-based compensation expense | 27,449 | 27,449 | ||||
Purchase of ordinary shares, Shares | (1,044,000) | |||||
Purchase of ordinary shares, Value | (42,016) | $ (42,016) | ||||
Net income attributable to Cimpress N.V. | 43,696 | 43,696 | ||||
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges | (889) | (889) | ||||
Adjustment to noncontrolling interest | (56) | (56) | ||||
Unrealized gain (loss) on marketable securities | 9,246 | 9,246 | ||||
Foreign currency translation, net of hedges | 8,036 | 8,036 | ||||
Amounts reclassified from accumulated other comprehensive income to net income on derivative instruments | 396 | |||||
Ending balance, Shares at Jun. 30, 2014 | 44,080,000 | (11,751,000) | ||||
Ending balance, Value at Jun. 30, 2014 | 232,457 | $ 615 | $ (423,101) | 309,990 | 342,840 | 2,113 |
Unrealized loss on pension benefit obligation, net of tax | $ (2,724) | (2,724) | ||||
Issuance of ordinary shares due to share option exercises, Shares | (1,057,015) | 672,000 | ||||
Issuance of ordinary shares due to share option exercises, Value | $ (9,779) | $ 6,689 | (16,468) | |||
Restricted share units vested, net of shares withheld for taxes, Shares | 201,000 | |||||
Restricted share units vested, net of shares withheld for taxes, Value | (6,448) | $ 4,280 | (10,728) | |||
Excess tax benefit from share-based compensation | 20,763 | 20,763 | ||||
Share-based compensation expense | 20,724 | 20,724 | ||||
Net income attributable to Cimpress N.V. | 92,212 | 92,212 | ||||
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges | (602) | (602) | ||||
Unrealized gain (loss) on marketable securities | (6,275) | (6,275) | ||||
Foreign currency translation, net of hedges | (93,757) | (93,757) | ||||
Amounts reclassified from accumulated other comprehensive income to net income on derivative instruments | 815 | |||||
Ending balance, Shares at Jun. 30, 2015 | 44,080,000 | (10,878,000) | ||||
Ending balance, Value at Jun. 30, 2015 | 248,907 | $ 615 | $ (412,132) | $ 324,281 | $ 435,052 | (98,909) |
Unrealized loss on pension benefit obligation, net of tax | $ (388) | $ (388) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating activities | |||
Net income | $ 89,312 | $ 43,316 | $ 29,435 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 97,500 | 72,282 | 64,325 |
Share-based compensation expense | 24,075 | 27,786 | 32,928 |
Excess tax benefits derived from share-based compensation awards | (13,146) | (5,159) | (1,796) |
Deferred Taxes | (14,940) | (12,807) | (8,626) |
Loss on sale of equity method investment | 0 | 12,681 | 0 |
Loss in equity interest | 0 | 2,704 | 1,910 |
Non-cash gain on equipment | 0 | 0 | (1,414) |
Abandonment of long lived assets | 0 | 7 | 1,529 |
Unrealized (gain) loss on derivative instruments included in net income | (1,868) | 425 | 0 |
Change in fair value of contingent consideration | 14,890 | 2,192 | (588) |
Payment of contingent consideration in excess of acquisition-date fair value | (8,055) | 0 | 0 |
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency | (6,455) | 748 | 29 |
Other non-cash items | 4,130 | 1,328 | 1,329 |
Changes in operating assets and liabilities excluding the effect of business acquisitions: | |||
Accounts receivable | 2,057 | 4,008 | (1,532) |
Inventory | (4,491) | (1,055) | (525) |
Prepaid expenses and other assets | 8,597 | (15,336) | 10,791 |
Accounts payable | (4,026) | 14,945 | 557 |
Accrued expenses and other liabilities | 41,296 | 515 | 11,660 |
Net cash provided by operating activities | 228,876 | 148,580 | 140,012 |
Investing activities | |||
Purchases of property, plant and equipment | (75,813) | (72,122) | (78,999) |
Business acquisitions, net of cash acquired | (123,804) | (216,384) | 0 |
(Purchases of) proceeds from the sale of intangible assets, net | (250) | (116) | 1,000 |
Purchase of available-for-sale securities | 0 | (4,629) | 0 |
Capitalization of software and website development costs | (17,323) | (9,749) | (7,667) |
Investment in equity interest | 0 | (4,994) | (12,753) |
Other investing activities | 0 | 1,010 | (512) |
Net cash used in investing activities | (217,190) | (306,984) | (98,931) |
Financing activities | |||
Proceeds from borrowings of debt | 367,500 | 482,800 | 113,712 |
Proceeds from issuance of senior notes | 275,000 | 0 | 0 |
Payments of debt | (581,920) | (273,491) | (104,125) |
Payments of debt issuance costs | (6,373) | (1,363) | (1,536) |
Payment of contingent consideration included in acquisition-date fair value | (11,105) | 0 | 0 |
Payments of withholding taxes in connection with equity awards | (29,351) | (9,430) | (3,556) |
Payments of capital lease obligations | (5,750) | (1,297) | 0 |
Excess tax benefits derived from share-based compensation awards | 13,146 | 5,159 | 1,796 |
Purchase of ordinary shares | 0 | (42,016) | (64,351) |
Proceeds from issuance of ordinary shares | 13,123 | 4,425 | 4,805 |
Capital contribution from noncontrolling interest | 4,160 | 4,821 | 0 |
Issuance of dividend to noncontrolling interest | (118) | 0 | 0 |
Net cash provided by (used in) financing activities | 38,312 | 169,608 | (53,255) |
Effect of exchange rate changes on cash | (8,922) | 1,239 | 36 |
Net increase (decrease) in cash and cash equivalents | 41,076 | 12,443 | (12,138) |
Cash and cash equivalents | 103,584 | 62,508 | 50,065 |
Cash and cash equivalents at end of period | 103,584 | 62,508 | 50,065 |
Supplemental Cash Flow Information | |||
Interest | 8,520 | 6,446 | 4,762 |
Income taxes | 14,284 | 18,485 | 13,656 |
Capitalization of construction costs related to financing lease obligation | 86,198 | 18,117 | 0 |
Property and equipment acquired under capital leases | 13,194 | 0 | 0 |
Amounts due for acquisition of businesses | $ 20,122 | $ 21,582 | $ 0 |
Description of the Business (No
Description of the Business (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | Description of the Business We are a technology and manufacturing-driven company that aggregates, via the Internet, large volumes of small, individually customized orders for a broad spectrum of print, signage, apparel and similar products. We produce those orders in highly automated, capital and technology intensive production facilities in a manner that we believe makes our production techniques significantly more competitive than those of traditional suppliers. We bring our products to market through a portfolio of focused brands serving the needs of small and medium businesses and consumers. These brands include Vistaprint, our global brand for micro business marketing products and services, as well as brands we have acquired that serve the needs of various market segments including resellers, small and medium businesses with differentiated service needs, and consumers purchasing products for themselves and their families. On November 14, 2014, pursuant to our shareholders’ approval, we amended our articles of association to change our name to Cimpress N.V. and began trading on The Nasdaq Stock Market under the "CMPR" ticker symbol shortly afterward. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Cimpress N.V., 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 can exercise significant influence, but do not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investments in equity interests on the consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our most significant estimates are associated with the ongoing evaluation of the recoverability of our long-lived assets and goodwill, estimated useful lives of assets, share-based compensation, accounting for business combinations, and income taxes and related valuation allowances, among others. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be the equivalent of cash for the purpose of balance sheet and statement of cash flows presentation. Cash equivalents consist of depository accounts and money market funds. Cash and cash equivalents restricted for use were $543 and $823 as of June 30, 2015 and 2014, respectively, and are included in other assets in the accompanying consolidated balance sheets. Marketable Securities We determine the appropriate classification of marketable securities at the date of purchase and reevaluate the classification at each balance sheet date. Our marketable securities are classified as "available-for-sale" and carried at fair value, with the unrealized gains and losses, net of taxes if applicable, reported as a separate component of accumulated other comprehensive (loss) income. We review our investments for other-than-temporary impairment whenever the fair value of the investment is less than the amortized cost and evidence indicates that the investment's carrying amount is not recoverable within a reasonable period of time. Any decline in value that is determined to be other than temporary is recognized as expense in our consolidated statement of operations in the period the impairment is identified. Accounts Receivable Accounts receivable includes amounts due from customers and partners. We offset gross trade accounts receivable with an allowance for doubtful accounts, which is our best estimate of the amount of probable credit losses in existing accounts receivable. Account balances are charged off against the allowance when the potential for recovery is no longer reasonably assured. Inventories Inventories consist primarily of raw materials and are recorded at the lower of cost or market value using the first-in, first-out method. Costs to produce free products are included in cost of revenues as incurred. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Additions and improvements that substantially extend the useful life of a particular asset are capitalized while repairs and maintenance costs are expensed as incurred. Assets that qualify for the capitalization of interest cost during their construction period are evaluated on a per project basis and, if material, the costs are capitalized. No interest costs associated with our construction projects were capitalized in fiscal 2015 or 2014 as the amounts were not material. Depreciation of plant and equipment is recorded on a straight-line basis over the estimated useful lives of the assets. Software and Web Site Development Costs We capitalize eligible salaries and payroll-related costs of employees who devote time to the development of websites and internal-use computer software. Capitalization begins when the preliminary project stage is complete, management with the relevant authority authorizes and commits to the funding of the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. These costs are amortized on a straight-line basis over the estimated useful life of the software. Costs associated with preliminary stage software development, repair, maintenance or the development of website content are expensed as incurred. Amortization of previously capitalized amounts in the years ended June 30, 2015 , 2014 and 2013 was $8,666 , $4,985 and $3,118 , respectively, resulting in accumulated amortization of $21,608 and $13,538 at June 30, 2015 and 2014, respectively. Leases We categorize leases at their inception as either operating or capital leases. Costs for operating leases that include incentives such as payment escalations or rent abatements are recognized on a straight-line basis over the term of the lease. Additionally, inducements received are treated as a reduction of our costs over the term of the agreement. Leasehold improvements are capitalized at cost and amortized over the shorter of their expected useful life or the life of the lease, excluding renewal periods. Capital leases are accounted for as an acquisition of an asset and incurrence of an obligation. Assets held under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease, and amortized over the useful life of the asset. The corresponding capital lease obligation is recorded at the present value of the minimum lease payments at inception of the lease. For further information on our outstanding capital lease assets and obligations please refer to Note 18 Commitments and Contingencies. For lease arrangements where we are deemed to be involved in the construction of structural improvements prior to the commencement of the lease or take some level of construction risk, we are considered the owner of the assets during the construction period. Accordingly, as the lessor incurs the construction project costs, the assets and corresponding financial obligation are recorded in our consolidated balance sheet. Once the construction is completed, if the lease meets certain “sale-leaseback” criteria, we will remove the asset and related financial obligation from the balance sheet and treat the building lease as either an operating or capital lease based on our assessment of the guidance. If upon completion of construction, the project does not meet the “sale-leaseback” criteria, the lease will be treated as a financing obligation and we will depreciate the asset over its estimated useful life for financial reporting purposes. Intangible Assets We capitalize the costs of purchasing patents from unrelated third parties and amortize these costs over the estimated useful life of the patent. The costs related to patent applications, pursuing others who we believe infringe on our patents, and defending against patent-infringement claims are expensed as incurred. We record acquired intangible assets at fair value on the date of acquisition and amortize such assets using the straight-line method over the expected useful life of the asset, unless another amortization method is deemed to be more appropriate. We evaluate the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. If the estimate of an intangible asset’s remaining useful life is changed, we amortize the remaining carrying value of the intangible asset prospectively over the revised remaining useful life. Long-Lived Assets Long-lived assets with a finite life are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets used in operations, impairment losses are only recorded if the asset’s carrying amount is not recoverable through its undiscounted, probability-weighted future cash flows. We measure the impairment loss based on the difference between the carrying amount and estimated fair value. Long-lived assets are considered held for sale when certain criteria are met, including when management has committed to a plan to sell the asset, the asset is available for sale in its immediate condition, and the sale is probable within one year of the reporting date. Assets held for sale are reported at the lower of cost or fair value less costs to sell. At June 30, 2015 , we had a building with a carrying value of $1,913 that met the asset held for sale criteria and as such we have classified the asset in other current assets in the consolidated balance sheet. We did not have any assets held for sale as of June 30, 2014 . No material impairment charges were recorded for the years ended June 30, 2015 , 2014 or 2013 . Business Combinations We recognize the assets acquired and liabilities assumed in business combinations on the basis of their fair values at the date of acquisition. We assess the fair value of assets, including intangible assets, using a variety of methods and each asset is measured at fair value from the perspective of a market participant. The method used to estimate the fair values of intangible assets incorporates significant assumptions regarding the estimates a market participant would make in order to evaluate an asset, including a market participant’s use of the asset and the appropriate discount rates for a market participant. Assets recorded from the perspective of a market participant that are determined to not have economic use for us are expensed immediately. Any excess purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Transaction costs and restructuring costs associated with a business combination are expensed as incurred. The consideration for our acquisitions often includes future payments that are contingent upon the occurrence of a particular event. For acquisitions that qualify as business combinations, we record an obligation for such contingent payments at fair value on the acquisition date. We estimate the fair value of contingent consideration obligations through valuation models that incorporate probability adjusted assumptions related to the achievement of the milestones and thus likelihood of making related payments. We revalue these contingent consideration obligations each reporting period. Changes in the fair value of our contingent consideration obligations are recognized within general and administrative expense in our consolidated statements of operations. Goodwill The evaluation of goodwill for impairment is performed at a level referred to as a reporting unit. A reporting unit is either the “operating segment level” or one level below, which is referred to as a “component.” The level at which the impairment test is performed requires an assessment as to whether the operations below the operating segment should be aggregated as one reporting unit due to their similarity or reviewed individually. Goodwill is evaluated for impairment on an annual basis during the fiscal third quarter or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is considered to be impaired when the carrying amount of a reporting unit exceeds its estimated fair value. We have the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the results of this analysis indicate that the fair value of a reporting unit is less than its carrying value, the quantitative impairment test is required; otherwise, no further assessment is necessary. To perform the quantitative approach, we estimate the fair value of our reporting units using a discounted cash flow methodology. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then a second step of the impairment test is performed in order to determine the implied fair value of our reporting unit’s goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, then we would record an impairment loss equal to the difference. For our annual impairment test as of January 1, 2015, we evaluated each of our five reporting units with goodwill individually. We considered the timing of our most recent fair value assessment and associated headroom, the actual operating results as compared to the cash flow forecasts used in those fair value assessments, the current long-term forecasts for each reporting unit, and the general market and economic environment of each reporting unit. Our qualitative assessment for fiscal 2015 determined that there was no indication that the carrying value of any of our reporting units exceeded its fair value. There have been no indications of impairment that would require an updated analysis as of June 30, 2015. Debt Issuance Costs Expenses associated with the issuance of debt instruments are capitalized and are amortized over the terms of the respective financing arrangement using the effective interest method, or on a straight-line basis through the maturity date for our revolving credit facility. During the years ended June 30, 2015 and 2014 , we capitalized debt issuance costs related to our senior secured credit facility and senior unsecured notes of $6,229 and $1,319 , respectively. Amortization and write-off of these costs is included in interest expense, net in the consolidated statements of operations and amounted to $1,272 , $765 and $556 , for the years ended June 30, 2015 , 2014 and 2013 , respectively. Unamortized debt issuance costs were $8,447 and $3,490 as of June 30, 2015 and 2014 , respectively. When we make changes to our financing arrangements, we re-evaluate the capitalization of these costs which could result in the immediate recognition of any unamortized debt issuance costs in our statement of operations. Investments in Equity Interests We record our share of the results of investments in equity interests and any related amortization, within loss in equity interests on the consolidated statements of operations. We review our investments for other-than-temporary impairment whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. Investments identified as having an indication of impairment are subject to further analysis to determine if the impairment is other-than-temporary and this analysis requires estimating the fair value of the investment, which involves considering factors such as comparable valuations of public companies similar to the entity in which we have an equity investment, current economic and market conditions, the operating performance of the entities including current earnings trends and forecasted cash flows, and other entity and industry specific information. Derivative Financial Instruments We record all derivatives on the consolidated balance sheet at fair value. We apply hedge accounting to arrangements that qualify and are designated for hedge accounting treatment, which includes cash flow and net investment hedges. Hedge accounting is discontinued prospectively if the hedging relationship ceases to be effective or the hedging or hedged items cease to exist as a result of maturity, sale, termination or cancellation. Derivatives designated and qualifying as hedges of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges which could include interest rate swap contracts and forward currency contracts. In a cash flow hedging relationship, the effective portion of the change in the fair value of the hedging derivative is initially recorded in accumulated other comprehensive (loss) income, while any ineffective portion is recognized directly in earnings, as a component of other income (expense). The portion of gain or loss on the derivative instrument previously recorded in accumulated other comprehensive (loss) income remains in accumulated other comprehensive (loss) income until the forecasted transaction is recognized in earnings. Derivatives designated and qualifying as hedges of currency exposure of a net investment in a foreign operation, are considered net investment hedges which could include cross-currency swap contracts. In hedging the currency exposure of a net investment in a foreign operation, the effective portion of gains and losses on the hedging instruments is recognized in accumulated other comprehensive (loss) income as part of currency translation adjustment, while any ineffective portion is recognized directly in earnings, as a component of other income (expense). The portion of gain or loss on the derivative instrument previously recorded in accumulated other comprehensive (loss) income remains in accumulated other comprehensive (loss) income until we reduce our investment in the hedged foreign operation through a sale or substantial liquidation. We also enter into derivative contracts that are intended to economically hedge certain of our risks, even though we may not elect to apply hedge accounting or the instrument may not qualify for hedge accounting. When hedge accounting is not applied, the changes in the fair value of the derivatives are recorded directly in earnings as a component of other income (expense), net. In accordance with the fair value measurement guidance, our accounting policy is to measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. We execute our derivative instruments with financial institutions that we judge to be credit-worthy, defined as institutions that hold an investment grade credit rating. Restructuring Restructuring costs are recorded in connection with initiatives designed to improve efficiency or enhance competitiveness. Restructuring initiatives require us to make estimates in several areas, including expenses for severance and other employee separation costs and our ability to generate sublease income to enable us to terminate lease obligations at the estimated amounts. One-time termination benefits are expensed at the date we notify the employee, unless the employee must provide future service beyond the statutory minimum retention period, in which case the benefits are expensed ratably over the future service period. Liabilities for costs associated with a facility exit or disposal activity are recognized when the liability is incurred, as opposed to when management commits to an exit plan, and are measured at fair value. Restructuring costs are included as a component of each related operating expense within our consolidated statement of operations. We recognized $3,202 and $5,980 in restructuring related expenses for the years ended June 30, 2015 and 2014, respectively. There were no such charges during the year ended June 30, 2013. Shareholders’ Equity Comprehensive Income (loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income (loss) is composed of net income, unrealized gains and losses on marketable securities and derivatives, unrealized loss on pension benefit obligation, and cumulative foreign currency translation adjustments, which are included in the accompanying consolidated statements of comprehensive income. Treasury Shares Treasury shares are accounted for using the cost method and are included as a component of shareholders' equity. We reissue treasury shares as part of our share-based compensation programs, and upon issuance we determine the cost using the average cost method. Effective January 28, 2013, 5,869,662 of our ordinary shares issued and held in our treasury account were canceled and have become authorized but unissued ordinary shares, as authorized by our shareholders on November 8, 2012. These canceled shares represent the remaining balance as of November 8, 2012 of the ordinary shares that were held in treasury at the date of the redomiciliation of our publicly traded parent company from Bermuda to the Netherlands in August 2009. The cancellation of the treasury shares resulted in a reduction of additional paid in capital and retained earnings for the year ended June 30, 2013. Revenue Recognition We generate revenue primarily from the sale and shipping of customized manufactured products, as well as providing digital services, website design and hosting, email marketing services, order referral fees and other third party offerings. We recognize revenue arising from sales of products and services when we have persuasive evidence of an arrangement, the product has been shipped or service rendered with no significant post-delivery obligations on our part, the net sales price is fixed or determinable and collectability is reasonably assured. For subscription services we recognize revenue for the fees charged to customers ratably over the term of the service arrangement. Revenue is recognized net of discounts we offer to our customers as part of advertising campaigns. Revenue from sales of prepaid orders on our websites are deferred until shipment of fulfilled orders or until the prepaid service has been rendered. For arrangements with multiple deliverables, we allocate revenue to each deliverable if the delivered item(s) has value to the customer on a standalone basis and, if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item(s) is considered probable and substantially within our control. The stand-alone selling price for a deliverable is determined using a hierarchy of (1) Company specific objective and reliable evidence, then (2) third-party evidence, then (3) best estimate of selling price. We allocate total arrangement fee to each of the deliverables based on their relative stand-alone selling prices. Shipping, handling and processing costs billed to customers are included in revenue and the related costs are included in cost of revenue at the time of shipment or rendering of service. Sales and purchases in jurisdictions which are subject to indirect taxes, such as value added tax (“VAT”), are recorded net of tax collected and paid as we act as an agent for the government. For promotions through discount voucher websites, we recognize revenue on a gross basis, as we are the primary obligor, when redeemed items are shipped. As the vouchers do not expire, any unredeemed vouchers are recorded as deferred revenue. We recognize revenue on the portion of unredeemed vouchers when the likelihood of redemption becomes remote (referred to as "breakage") and we determine there is no legal obligation to remit the value of the unredeemed coupons to government agencies. We estimate the breakage rate based upon the pattern of historical redemptions. Prior to the fourth quarter of fiscal 2015, we did not have sufficient historical data to reasonably estimate breakage and, therefore, did not recognize any breakage revenue. During the fourth quarter of fiscal 2015, we concluded that we have now accumulated sufficient historical data from a large pool of homogeneous transactions to allow us to reasonably and objectively determine an estimated pattern of historical redemptions in accordance with our accounting policy. Accordingly, we recognized $3,997 of breakage revenue during the quarter as a result of this change in estimate and our basic and diluted earnings per share for fiscal 2015 increased by $0.12 . We will apply this approach prospectively for future unredeemed voucher activity. A reserve for sales returns or replacements and allowances is recorded based on historical experience or specific identification of an event necessitating a reserve. Advertising Expense Advertising costs are expensed as incurred and included in marketing and selling expense. Advertising expense for the years ended June 30, 2015 , 2014 and 2013 was $286,132 , $267,655 and $287,167 , respectively, which consisted of external costs related to customer acquisition and retention marketing campaigns. Research and Development Expense Research and development costs are expensed as incurred and included in technology and development expense. Research and development expense for the years ended June 30, 2015 , 2014 and 2013 was $30,849 , $26,423 and $24,690 , respectively, which consisted of costs related to enhancing our manufacturing engineering and technology capabilities. Income Taxes As part of the process of preparing our consolidated financial statements, we estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our current tax expense and deferred tax expense based on assessing temporary and permanent differences resulting from differing treatment of items for tax and financial reporting purposes. We recognize deferred tax assets and liabilities for the temporary differences using the enacted tax rates and laws that will be in effect when we expect temporary differences to reverse. We assess the ability to realize our deferred tax assets based upon the weight of available evidence both positive and negative. To the extent we believe that it is more likely than not that some portion or all of the deferred tax assets will not be realized, we establish a valuation allowance. In the event that actual results differ from our estimates or we adjust our estimates in the future, we may need to increase or decrease income tax expense, which could have a material impact on our financial position and results of operations. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the tax position. The tax benefits recognized in our financial statements from such positions are measured as the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The unrecognized tax benefits will reduce our effective tax rate if recognized. Interest and, if applicable, penalties related to unrecognized tax benefits are recorded in the provision for income taxes. Foreign Currency Translation Our non-U.S. dollar functional currency subsidiaries translate their assets and liabilities denominated in their functional currency to U.S. dollars at current rates of exchange in effect at the balance sheet date, and revenues and expenses are translated at average rates prevailing throughout the period. The resulting gains and losses from translation are included as a component of accumulated other comprehensive (loss) income. Transaction gains and losses and remeasurement of assets and liabilities denominated in currencies other than an entity’s functional currency are included in other income (expense), net in our consolidated statements of operations. Other Income (expense), net The following table summarizes the components of other income (expense), net: Year Ended June 30, 2015 2014 2013 Gains (losses) on derivative instruments (1) $ 9,317 $ (7,473 ) $ 29 Currency related gains (losses), net (2) 10,245 (1,764 ) (92 ) Loss on disposal of Namex — (12,681 ) — Other gains (losses) 572 288 — Total other income (expense), net $ 20,134 $ (21,630 ) $ (63 ) _____________________ (1) Includes both realized and unrealized gains (losses) on derivative instruments. (2) We have significant non-functional currency intercompany financing relationships subject to currency exchange rate volatility primarily due to changes in our corporate entity operating structure, effective October 1, 2013, which required us to alter our intercompany transactional and financing activities. The net currency related gains for the year ended June 30, 2015 are partially driven by this intercompany activity. Net Income Per Share Attributable to Cimpress N.V. Basic net income per share attributable to Cimpress N.V. is computed by dividing net income attributable to Cimpress N.V. by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net income per share attributable to Cimpress N.V. gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”) and restricted share awards ("RSAs"), 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: Year Ended June 30, 2015 2014 2013 Weighted average shares outstanding, basic 32,644,870 32,873,234 33,209,172 Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs 1,171,628 1,366,675 1,262,832 Shares used in computing diluted net income per share attributable to Cimpress N.V. 33,816,498 34,239,909 34,472,004 Weighted average anti-dilutive shares excluded from diluted net income per share attributable to Cimpress N.V. 289,356 953,100 1,740,542 Compensation Expense Share-Based Compensation Compensation expense for all share-based awards expected to vest is measured at fair value on the date of grant and recognized over the requisite service period. The fair value of share options is determined using the Black-Scholes valuation model, or lattice model for share options with a market condition or subsidiary share options, and the fair value of RSUs and RSAs is determined based on the number of shares granted and the quoted price of our ordinary shares on the date of the grant. Such value is recognized ratably as expense over the requisite service period, or on an accelerated method for awards with a performance or market condition, net of estimated forfeitures. For awards that are ultimately settable in cash, we treat as liability awards and mark the award to market each reporting period recognizing any gain or loss in our statements of operations. The estimation of share awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. We consider many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. For awards with a performance condition vesting feature, compensation cost is recorded if it is probable that the performance condition will be achieved. Sabbatical Leave Compensation expense associated with a sabbatical leave, or other similar benefit arrangements, is accrued over the requisite service period during which an employee earns the benefit, net of estimated forfeitures, and is included in other liabilities on our consolidated balance sheets. Concentrations of Credit Risk We monitor the creditworthiness of our customers to which we grant credit terms in the normal course of business. We had one channel partner that represented 13% and 24% of our total accounts receivable as of June 30, 2015 and 2014 , respectively. We do not have any customers that accounted for greater than 10% of our revenue for the years ended June 30, 2015 , 2014 or 2013 . We maintain an allowance for doubtful accounts for potential credit losses based upon specific customer accounts and historical trends, and such losses to date in the aggregate have not materially exceeded our expectations. Recently Issued or Adopted Accounting Pronouncements In April 2015 |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table summarizes our investments in available-for-sale securities: June 30, 2015 Amortized Cost Basis Unrealized gain Estimated Fair Value Available-for-sale securities Plaza Create Co. Ltd. common shares (1) $ 3,939 $ 2,971 $ 6,910 Total investments in available-for-sale securities $ 3,939 $ 2,971 $ 6,910 June 30, 2014 Amortized Cost Basis Unrealized gain Estimated Fair Value Available-for-sale securities Plaza Create Co. Ltd. common shares (1) $ 4,611 $ 9,246 $ 13,857 Total investments in available-for-sale securities $ 4,611 $ 9,246 $ 13,857 ________________________ (1) On February 28, 2014, we purchased shares in our publicly traded Japanese joint venture partner. Refer to Note 15 for further discussion of the separate joint business arrangement. We use a three-level valuation hierarchy for measuring fair value and include detailed financial statement disclosures about fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: June 30, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available-for-sale securities $ 6,910 $ 6,910 $ — $ — Currency forward contracts 1,902 — 1,902 — Total assets recorded at fair value $ 8,812 $ 6,910 $ 1,902 $ — Liabilities Interest rate swap contracts $ (1,150 ) $ — $ (1,150 ) $ — Cross-currency swap contracts (8,433 ) — (8,433 ) — Currency forward contracts (407 ) — (407 ) — Contingent consideration (7,833 ) — — (7,833 ) Total liabilities recorded at fair value $ (17,823 ) $ — $ (9,990 ) $ (7,833 ) June 30, 2014 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available-for-sale securities $ 13,857 $ 13,857 $ — $ — Currency forward contracts 382 — 382 — Total assets recorded at fair value $ 14,239 $ 13,857 $ 382 $ — Liabilities Interest rate swap contracts $ (745 ) $ — $ (745 ) $ — Currency forward contracts (806 ) — (806 ) — Contingent consideration (16,072 ) — — (16,072 ) Total liabilities recorded at fair value $ (17,623 ) $ — $ (1,551 ) $ (16,072 ) During the years ended June 30, 2015 and 2014 , there were no significant transfers in or out of Level 1, Level 2 and Level 3 classifications. The valuations of the derivatives intended to mitigate our interest rate and currency risk are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument. This analysis utilizes observable market-based inputs, including interest rate curves, interest rate volatility, or spot and forward exchange rates, and reflects the contractual terms of these instruments, including the period to maturity. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurement. However, as of June 30, 2015 , 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. During the fiscal year ended June 30, 2015 , we amended the terms of our contingent consideration arrangement related to our fiscal 2014 acquisition of Printdeal (formerly known as People & Print Group). The original terms provided for contingent consideration payable based upon the achievement of an initial calendar year 2014 earnings before interest, taxes, depreciation and amortization (EBITDA) margin threshold but ultimately payable based on revenue and EBITDA performance for calendar year 2015. We amended the terms to pay a fixed amount of €15,000 , of which €8,000 was paid in March 2015 ( $8,270 based on the exchange rate as of the date of payment) and the remaining €7,000 ( $7,833 based on the exchange rate as of June 30, 2015) is payable during the fourth quarter of fiscal 2016. Our fiscal 2014 acquisition of Pixartprinting provided for contingent consideration payable based on the achievement of revenue and EBITDA performance metrics for calendar year 2014. Based on Pixartprinting's 2014 results, we paid the maximum amount achievable of €9,600 ( $10,890 based on the exchange rate as of the date of payment) during the fourth quarter of fiscal 2015. The contingent consideration obligations are measured at fair value and are based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions and estimates to forecast a range of outcomes and probabilities for the contingent consideration. We assess these assumptions and estimates on a quarterly basis as additional data impacting the assumptions is obtained. Any changes in the fair value of contingent consideration related to updated assumptions and estimates will be recognized within general and administrative expenses in the consolidated statements of operations during the period in which the change occurs. As the Printdeal contingent liability is no longer variable, we do not expect any additional adjustments to fair value prior to payment. The following table represents the changes in fair value of Level 3 contingent consideration: Total contingent consideration Balance at June 30, 2013 $ — Fair value at acquisition date 14,006 Fair value adjustment 2,192 Foreign currency impact (126 ) Balance at June 30, 2014 (1) $ 16,072 Fair value adjustment 14,890 Cash payments (19,160 ) Foreign currency impact (3,969 ) Balance at June 30, 2015 (1) $ 7,833 _____________________ (1) Of the total contingent consideration outstanding as of June 30, 2015 and 2014, $7,833 and $6,276 was classified as a current liability, respectively. As of June 30, 2014, $9,796 was classified as a long-term liability. As of June 30, 2015 and 2014, the carrying amounts of our cash and cash equivalents, accounts receivables, accounts payable, and other current liabilities approximated their estimated fair values. As of June 30, 2015 and 2014 the carrying value of our debt was $522,543 and $448,059 , respectively, and the fair value was $539,752 and $460,098 , respectively. Our debt at June 30, 2015 includes a variable rate debt instrument indexed to LIBOR that resets periodically and a 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. 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. |
Derivative Financial Instrument
Derivative Financial Instruments (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Financial Instruments 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 our debt. Our objective in using interest rate derivatives 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 derivative 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. During the year ended June 30, 2015, two interest rate derivative instruments were de-designated as they became ineffective and one was subsequently re-designated during the period. As of June 30, 2015, the amount of unrecognized loss included in accumulated other comprehensive (loss) income for de-designated cash flow hedge instruments is $123 . During the year ended June 30, 2014 we did not hold any interest rate derivative instruments that were determined to be ineffective. Amounts reported in accumulated other comprehensive (loss) income related to interest rate swap contracts will be reclassified to interest expense as interest payments are accrued or made on our variable-rate debt. As of June 30, 2015 , we estimate that $816 will be reclassified from accumulated other comprehensive (loss) income to interest income during the twelve months ending June 30, 2016. As of June 30, 2015 , we had eight outstanding interest rate swap contracts indexed to one-month LIBOR . These instruments include seven interest rate swap contracts that were designated and one interest rate swap contract that was de-designated as a cash flow hedge of interest rate risk and have varying start dates and maturity dates from July 2015 through June 2019. Since the start date of certain contracts has not yet commenced and contracts have been de-designated, the notional amount of our outstanding contracts is in excess of the variable-rate debt being hedged as of the balance sheet date. Interest rate swap contracts outstanding: Notional Amounts Contracts accruing interest as of June 30, 2015 $ 240,000 Contracts with a future start date 65,000 Total $ 305,000 Hedges of Currency Risk Cross-Currency Swap Contracts From time to time, we execute cross-currency swap contracts in order to mitigate our currency exposure of net investments in subsidiaries that have reporting currencies other than U.S. dollar. Cross-currency swaps designated as net investment hedges involve an initial receipt of the notional amount in the hedge 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 derivative contract. At maturity, the final exchange involves the receipt of our reporting currency in exchange for the notional amount in the hedged currency. During the year ended June 30, 2015 , we entered into two cross-currency swap contracts that were designated for hedge accounting and were used to hedge the risk of changes in the U.S. Dollar equivalent value of a portion of our net investment in a consolidated Euro functional subsidiary. As of June 30, 2015 , we had two outstanding cross-currency swap contracts with a total notional amount of $122,969 , both maturing during April 2019. During the year ended June 30, 2015 , we recorded unrealized losses, net of tax in accumulated other comprehensive (loss) income as a component of cumulative translation adjustment in the amount $7,779 . Currency Forward Contracts We execute currency forward contracts in order to mitigate our exposure to fluctuations in various currencies against our reporting currency, the U.S. dollar. We do not elect hedge accounting for our current currency forward contract activity; however, we may elect to apply hedge accounting in future scenarios. The change in the fair value of currency forward contracts is recognized directly in earnings, as a component of other income (expense), net. During the years ended June 30, 2015 and 2014 , we have experienced volatility within other income (expense), net in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward contracts. We expect this volatility to continue in future periods for contracts for which we do not apply hedge accounting. Additionally, since our hedging objectives may be targeted at non-GAAP financial metrics that exclude non-cash items such as depreciation and amortization, we may experience increased, not decreased, volatility in our GAAP results as a result of our currency hedging program. As of June 30, 2015 , we had the following outstanding currency forward contracts that were not designated for hedge accounting and were used to hedge fluctuations in the U.S. Dollar value of forecasted transactions denominated in Australian Dollar, Canadian Dollar, Danish Krone, Euro, Great British Pound, Indian Rupee, New Zealand Dollar, Norwegian Krone, Swedish Krona, and Swiss Franc: Notional Amount Effective Date Maturity Date Number of Instruments Index $285,770 September 2014 through June 2015 Various dates through December 2016 436 Various Financial Instrument Presentation The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of June 30, 2015 and 2014: June 30, 2015 Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Balance Sheet line item Gross amounts of recognized assets Gross amount offset in consolidated balance sheet Net amount Balance Sheet line item Gross amounts of recognized liabilities Gross amount offset in consolidated balance sheet Net amount Interest rate swaps Other non-current assets $ — $ — $ — Other current liabilities / other liabilities $ (1,087 ) $ — $ (1,087 ) Cross-currency swaps Other non-current assets — — — Other liabilities (8,433 ) — (8,433 ) Total derivatives designated as hedging instruments $ — $ — $ — $ (9,520 ) $ — $ (9,520 ) Derivatives not designated as hedging instruments Interest rate swaps Other non-current assets $ — $ — $ — Other liabilities $ (63 ) $ — $ (63 ) Currency forward contracts Other current assets / other assets 3,256 (1,354 ) 1,902 Other current liabilities / other liabilities (1,792 ) 1,385 (407 ) Total derivatives not designated as hedging instruments $ 3,256 $ (1,354 ) $ 1,902 $ (1,855 ) $ 1,385 $ (470 ) June 30, 2014 Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Balance Sheet line item Gross amounts of recognized assets Gross amount offset in consolidated balance sheet Net amount Balance Sheet line item Gross amounts of recognized liabilities Gross amount offset in consolidated balance sheet Net amount Interest rate swaps Other non-current assets $ — $ — $ — Other current liabilities / other liabilities $ (771 ) $ 26 $ (745 ) Total derivatives designated as hedging instruments $ — $ — $ — $ (771 ) $ 26 $ (745 ) Derivatives not designated as hedging instruments Currency forward contracts Other current assets $ 410 $ (28 ) $ 382 Other current liabilities $ (1,058 ) $ 252 $ (806 ) Total derivatives not designated as hedging instruments $ 410 $ (28 ) $ 382 $ (1,058 ) $ 252 $ (806 ) The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive income (loss) for the years ended June 30, 2015, 2014 and 2013: Derivatives in Hedging Relationships Amount of Gain (Loss) Recognized in Comprehensive (Loss) Income on Derivatives (Effective Portion) Year Ended June 30, In thousands 2015 2014 2013 Currency contracts that hedge revenue — (107 ) 280 Currency contracts that hedge cost of revenue — 59 (263 ) Currency contracts that hedge technology and development expense — 70 80 Currency contracts that hedge general and administrative expense — 12 (1 ) Interest rate swaps (1,417 ) (1,319 ) 387 Cross-currency swaps (7,779 ) — — $ (9,196 ) $ (1,285 ) $ 483 The following table presents reclassifications out of accumulated other comprehensive (loss) income for the years ended June 30, 2015, 2014 and 2013: Details about Accumulated Other Comprehensive (Loss) Income Components Amount Reclassified from Accumulated Other Comprehensive (Loss) Income to Net Income Gain/(Loss) Affected line item in the Statement of Operations Year Ended June 30, In thousands 2015 2014 2013 Currency contracts that hedge revenue $ — $ (120 ) $ 293 Revenue Currency contracts that hedge cost of revenue — (112 ) (92 ) Cost of revenue Currency contracts that hedge technology and development expense — 122 27 Technology and development expense Currency contracts that hedge general and administrative expense — 11 1 General and administrative expense Interest rate swaps (1,087 ) (372 ) 189 Interest expense, net Total before income tax (1,087 ) (471 ) 418 Income (loss) before income taxes and loss in equity interests Income tax 272 75 (21 ) Income tax provision Total $ (815 ) $ (396 ) $ 397 The following table presents the adjustment to fair value recorded within the consolidated statements of operations for derivative instruments for which we did not elect hedge accounting, as well as the effect of our de-designated derivative financial instruments that no longer qualify as hedging instruments in the period: Derivatives not classified as hedging instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income (Ineffective Portion) Year Ended June 30, In thousands 2015 2014 2013 Currency contracts $ 9,370 $ (7,473 ) $ 29 Other income (expense), net Interest rate swaps (53 ) — — Other income (expense), net $ 9,317 $ (7,473 ) $ 29 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive (Loss) Income The following table presents a roll forward of amounts recognized in accumulated other comprehensive (loss) income by component, net of tax of $195 and $218 , for the years ended June 30, 2015 and June 30, 2014, respectively: Gains (losses) on cash flow hedges Gains (losses) on available for sale securities Losses on pension benefit obligation Translation adjustments, net of hedges (1) Total Balance as of June 30, 2013 $ 86 $ — $ — $ (11,642 ) $ (11,556 ) Other comprehensive (loss) income before reclassifications (1,285 ) 9,246 (2,724 ) 8,036 13,273 Amounts reclassified from accumulated other comprehensive (loss) income to net income 396 — — — 396 Net current period other comprehensive (loss) income (889 ) 9,246 (2,724 ) 8,036 13,669 Balance as of June 30, 2014 (803 ) 9,246 (2,724 ) (3,606 ) 2,113 Other comprehensive (loss) income before reclassifications (1,417 ) (6,275 ) (388 ) (93,757 ) (101,837 ) Amounts reclassified from accumulated other comprehensive (loss) income to net income 815 — — — 815 Net current period other comprehensive (loss) income (602 ) (6,275 ) (388 ) (93,757 ) (101,022 ) Balance as of June 30, 2015 $ (1,405 ) $ 2,971 $ (3,112 ) $ (97,363 ) $ (98,909 ) ________________________ (1) Translation adjustment is inclusive of the effects of our net investment hedges, of which, unrealized losses, net of tax of $7,779 have been included in other comprehensive (loss) income for the year ended June 30, 2015. There was no effect for the year ended June 30, 2014. |
Waltham and Lexington Lease Arr
Waltham and Lexington Lease Arrangements (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Waltham and Lexington Lease [Abstract] | |
Waltham and Lexington Lease Arrangements Disclosure [Text Block] | Waltham and Lexington Lease Arrangements In July 2013, we executed a lease agreement to move our Lexington, Massachusetts, USA operations to a yet to be constructed facility in Waltham, Massachusetts, USA. The Waltham lease will commence upon completion of the building, scheduled for the first quarter of fiscal 2016, and will extend eleven years from the commencement date. We expect to pay approximately $131,769 in cash ratably over the initial 11-year term of the lease, starting in September 2015. Concurrent with the Waltham lease negotiations, we amended our current Lexington lease, as both leases are held with the same landlord. The amendment to the Lexington lease contained a contingent feature to shorten the current term of the lease to coincide with the rent commencement date of the Waltham lease, and a second contingent feature to adjust the remaining annual rental amounts. Both of the arrangements were contingent upon the lessor obtaining certain building permits for the Waltham lease. During the quarter ended March 31, 2014, the lessor obtained all of the requisite building permits for the Waltham building construction. For accounting purposes, we are deemed to be the owner of the Waltham building during the construction period and, accordingly, as of June 30, 2015 and 2014 we have recorded $104,315 and $18,117 of construction project costs incurred by the landlord as an asset with a corresponding financing obligation, respectively. The asset is included as construction in progress in property, plant and equipment, net in the consolidated balance sheet. We do not believe that the Waltham lease will meet the criteria for "sale-leaseback" treatment. We will finalize our assessment once the construction is completed in the first quarter of fiscal 2016 and accordingly depreciate the asset and incur interest expense related to the financing obligation recorded on our consolidated balance sheet. Although we will not begin making cash lease payments until the lease commencement date, a portion of the Waltham lease obligation attributable to the land is treated for accounting purposes as an operating lease that commenced during the second quarter of fiscal 2014. We bifurcated our future lease payments pursuant to the lease into (i) a portion that is allocated to the building and (ii) a portion that is allocated to the land on which the building is being constructed, which will be recorded as rental expense during the construction period. We recognized non-cash rent expense of $1,197 and $875 in our consolidated statements of operations for the land operating lease during the years ended June 30, 2015 and 2014, respectively. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant and Equipment, Net Property, plant and equipment, net consists of the following: June 30, Estimated useful lives 2015 2014 Land improvements 10 years $ 2,146 $ 2,382 Building and building improvements 10 - 30 years 162,468 144,658 Machinery and production equipment 4 - 10 years 251,366 229,927 Machinery and production equipment under capital lease 4 - 10 years 27,693 13,513 Computer software and equipment 3 - 5 years 125,520 112,815 Furniture, fixtures and office equipment 5 - 7 years 22,957 21,780 Leasehold improvements Shorter of lease term or expected life of the asset 36,747 28,327 Construction in progress 138,582 59,627 767,479 613,029 Less accumulated depreciation, inclusive of assets under capital lease (331,209 ) (293,145 ) 436,270 319,884 Land 31,241 32,337 Property, plant, and equipment, net $ 467,511 $ 352,221 Depreciation expense, inclusive of assets under capital leases, totaled $62,970 , $54,060 and $50,602 for the years ended June 30, 2015 , 2014 and 2013 , respectively. |
Business Combinations (Notes)
Business Combinations (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations Fiscal 2015 Acquisitions Acquisition of Exagroup SAS On April 15, 2015, we completed our acquisition of 70% of the shares of Exagroup SAS, a French simplified joint stock company, for a purchase price of €91,305 ( $97,012 based on the exchange rate as of the date of acquisition), plus an estimated post-closing adjustment of €4,549 ( $4,832 based on the exchange rate as of the date of acquisition) based on Exagroup's working capital and debt to be paid during the first quarter of fiscal 2016. All shareholders of Exagroup sold the entirety of their Exagroup holdings to us at the closing, with the exception of Nicolas Dematté and Marise Dematté (the “Remaining Shareholders”), who each retained a 15% ownership interest in Exagroup. We utilized proceeds from our credit facility to finance the acquisition. The acquisition supports our strategy of building a software-enabled operational platform that aggregates and optimizes the supply chain and production of mass customized products such as signage, printing, apparel and promotional products. Exagroup brings a large variety of high quality products and a sophisticated network of outsourcing partners that we expect, over time, to significantly expand the breadth and depth of the selection available on our mass customization platform. Our consolidated financial statements include Exagroup from April 15, 2015, the date of acquisition. Exagroup's revenue included in our consolidated revenues for the year ended June 30, 2015 was $18,155 . Exagroup's net income included in our consolidated net income attributable to Cimpress N.V. for the year ended June 30, 2015 was $563 , inclusive of amortization of identifiable intangible assets. Noncontrolling Interest At the closing, we entered into reciprocal put and call options with the Remaining Shareholders with respect to the 30% of Exagroup shares held by the Remaining Shareholders, pursuant to which each of the Remaining Shareholders has the right to put his or her Exagroup shares to us for a period of 30 days beginning on April 15, 2019. If one or both of the Remaining Shareholders does not exercise his or her put option, then we have the right to exercise our call option on such Remaining Shareholder's Exagroup shares for a period of 30 days beginning on January 10, 2020. If the put or call options are exercised, the aggregate purchase and sale price for such shares will be €39,000 . We may pay an additional €8,000 contingent payment that is dependent on Exagroup’s achievement of certain revenue targets for calendar year 2017, as well as the continued employment of the Remaining Shareholders. As this potential additional payment is contingent upon the Remaining Shareholders' post-acquisition employment it will be recognized as compensation expense over the vesting period (through December 31, 2017). We estimate the value of the potential payment as of June 30, 2015 to be $1,243 , which will be accrued over the vesting period. We have recognized an immaterial amount in general and administrative expense for the year ended June 30, 2015. The table below details the consideration transferred to acquire Exagroup: Cash paid $ 97,012 Working capital and debt adjustment 4,832 Total consideration $ 101,844 The excess of the purchase price paid over the fair value of Exagroup's net assets was recorded as goodwill, which is primarily attributable to cost synergies expected from manufacturing and tax efficiency opportunities, as well as the value of the workforce of Exagroup. Goodwill is not expected to be deductible for tax purposes, and has been attributed to our All Other Business Units reportable segment. The fair value of the assets acquired and liabilities assumed was: Weighted Average Amount Useful Life in Years Tangible assets acquired and liabilities assumed: Cash and cash equivalents $ 18,991 n/a Other current assets (1) 14,318 n/a Non-current assets 18,711 n/a Accounts payable and other current liabilities (21,008 ) n/a Deferred tax liability (21,655 ) n/a Other long term liabilities (9,966 ) n/a Identifiable intangible assets: Customer relationships 35,434 7-9 Trade name 11,900 10-14 Developed technology 9,669 3 Noncontrolling interest (43,354 ) Goodwill 88,804 n/a Total purchase price $ 101,844 (1) Includes real estate assets classified as held for sale of $1,971 . Other fiscal 2015 acquisitions FotoKnudsen AS On July 1, 2014, we acquired 100% of the outstanding shares of FotoKnudsen AS, a Norwegian photo product company focused primarily on the Norwegian markets. This acquisition expands our presence in the European home and family market. At closing, we paid €14,045 ( $19,224 based on the exchange rate as of the date of acquisition) in cash, subject to certain post-acquisition escrow adjustments. We have recognized the assets and liabilities on the basis of their fair values at the date of our acquisition, with any excess of the purchase price paid over the fair value of the net assets recorded as goodwill. Of the total purchase price of $19,224 , $11,754 was allocated to goodwill, $9,218 to acquired intangible assets and $1,748 to net liabilities. Goodwill is not expected to be deductible for tax purposes, and has been attributed to our All Other Business Units reportable segment. The revenue and earnings included in our consolidated financial statements since the acquisition date are not material for the year ended June 30, 2015. FL Print SAS On April 9, 2015, we acquired 100% of the outstanding shares of FL Print SAS (which we refer to as Easyflyer), a French web-to-print business focused primarily on large format products. At closing, we paid €4,800 ( $5,174 based on the exchange rate as of the date of acquisition) in cash, subject to certain post-acquisition escrow adjustments. We have recognized the assets and liabilities on the basis of their fair values at the date of our acquisition, with any excess of the purchase price paid over the fair value of the net assets recorded as goodwill. Of the total purchase price of $5,174 , $3,592 was allocated to goodwill, $2,003 to acquired intangible assets and $421 to net liabilities. Goodwill is not expected to be deductible for tax purposes, and has been attributed to our All Other Business Units reportable segment. The revenue and earnings included in our consolidated financial statements since the acquisition date are not material for the year ended June 30, 2015. In addition, we agreed to two additional payments based on Easyflyer's calendar year 2015 and 2018 revenue and EBITDA targets. As these additional payments are contingent upon the sellers' post-acquisition employment, they are not included as part of the consideration but will be recognized as compensation expense over the required employment period. druck.at Druck-und Handelsgesellschäft mbH On April 17, 2015, we acquired 100% of the outstanding shares of druck.at Druck-und Handelsgesellschäft mbH (which we refer to as druck.at), a web-to-print business focused primarily on the Austrian market. This acquisition supports our strategy to leverage a common platform across multiple brands like druck.at, which offers a wide variety of high quality printed products. We paid €20,000 ( $21,537 based on the exchange rate as of the date of acquisition) in cash at closing, and we will pay a fixed deferred payment of €3,300 ( $3,554 based on the exchange rate as of the date of acquisition) in cash or ordinary shares of Cimpress N.V., at our option. The deferred payment is payable in July 2017 if the seller continues to be employed by druck.at through the payable date or in April 2019 if the sellers are no longer employed by druck.at. As the timing of the deferred payment is contingent upon the sellers post-acquisition employment, an immaterial portion of the deferred payment is not included as part of the acquisition consideration but will be recognized as compensation expense over the required employment period. The fair value of the deferred payment of $2,980 was included as a component of the purchase price utilizing a present value model and excluding the compensation component of $233 . We have recognized the assets and liabilities on the basis of their fair values at the date of the acquisition, with any excess of the purchase price paid over the fair value of the net assets recorded as goodwill. Of the total purchase price of $24,517 , $10,877 was allocated to goodwill, $12,491 to acquired intangible assets and $1,149 to net assets. Goodwill is not expected to be deductible for tax purposes, and has been attributed to our All Other Business Units reportable segment. The revenue and earnings included in our consolidated financial statements since the acquisition date are not material for the year ended June 30, 2015. We utilized proceeds from various debt sources to finance our fiscal 2015 acquisitions. In connection with these acquisitions, we incurred transaction costs related to investment banking, legal, financial, and other professional services of $2,576 and $394 which were recorded during the year ended June 30, 2015 and 2014, respectively, in general and administrative expenses. Pro forma results of the operations have not been presented because the effects of the fiscal 2015 acquisitions are not material to the consolidated financial statements. Fiscal 2014 Acquisitions Acquisition of Pixartprinting S.p.A. On April 3, 2014, we acquired 97% of the outstanding corporate capital of Pixartprinting S.p.A., a joint stock corporation incorporated under the laws of Italy, as follows; • We acquired all of the Pixartprinting corporate capital held by Alcedo III, a close-ended investment fund, representing 72.75% of Pixartprinting’s outstanding corporate capital. • We acquired a portion of the Pixartprinting corporate capital held by Cap2 S.r.l., a company controlled by Pixartprinting’s founder, representing 21.25% of Pixartprinting’s outstanding corporate capital, and Cap2 retained 3% of Pixartprinting’s outstanding corporate capital (the “Cap2 Retained Equity”). • We acquired all of the Pixartprinting corporate capital held by Alessandro Tenderini, Pixartprinting’s Chief Executive Officer, at closing representing 3% of Pixartprinting’s outstanding corporate capital. Mr. Tenderini had the right to purchase 1% of the corporate capital of Pixartprinting from Cimpress (the “CEO Retained Equity”) for an aggregate purchase price of €10 during the 10 business days after April 3, 2015, so long as Mr. Tenderini remained a Cimpress Italy employee on that date, and Mr. Tenderini exercised this purchase right in April 2015. Cimpress agreed to pay an aggregate base purchase price of €127,850 ( $175,896 based on the exchange rate as of the date of acquisition) in cash, subject to working capital and other adjustments, and a sliding-scale earn-out of up to €9,600 ( $13,208 based on the exchange rate as of the date of acquisition) in cash on or after December 31, 2014 based upon the acquired business achieving certain revenue and EBITDA targets for calendar year 2014. The estimated fair value of the earn-out payment of $4,953 was included as a component of the purchase price based on an evaluation of the likelihood of achievement of the contractual conditions and weighted probability assumptions of these outcomes. Based on Pixartprinting's 2014 results, we paid the maximum amount achievable of €9,600 ( $10,890 based on the exchange rate as of the date of payment) during the fourth quarter of fiscal 2015. Our consolidated financial statements include the accounts of Pixartprinting from April 3, 2014, the date of acquisition. Pixartprinting’s revenue included in our consolidated revenues for the year ended June 30, 2014 was $27,208 . Pixartprinting's net income included in our consolidated net income attributable to Cimpress N.V. for the year ended June 30, 2014 was $2,687 , inclusive of amortization of identifiable intangible assets. Noncontrolling Interest We entered into a Put and Call Option Agreement with Cap2, with respect to the Cap2 Retained Equity. Pursuant to the Put and Call Option Agreement, Cap2 has the right to sell to us all (but not less than all) of the Cap2 Retained Equity at the end of Pixartprinting’s fiscal years ending June 30, 2015, 2016 and 2017 for a purchase price based on Pixartprinting’s EBITDA and net financial position (as reflected in its annual financial statements) for the fiscal year as to which the put option is exercised. We have the right to buy from Cap2 all (but not less than all) of the Cap2 Retained Equity at the end of Pixartprinting’s fiscal years ending June 30, 2017 and 2018 for a purchase price based on Pixartprinting’s EBITDA and net financial position (as reflected in its annual financial statements) for the fiscal year as to which the call option is exercised. The parties’ put and call rights are also triggered by certain other events and are exercisable during 30-day periods following the determination of the option purchase price for the relevant fiscal year. Due to the presence of the put arrangement, the noncontrolling interest is presented as temporary equity in our consolidated balance sheet. Upon acquisition, we recognized the noncontrolling interest at fair value of $5,728 and will adjust the balance for the pro rata impact of the Pixartprinting earnings or loss, as well as adjustments to increase the balance to the redemption value, if necessary. CEO Retained Equity We entered into a Put and Call Option Agreement with Mr. Tenderini with respect to the CEO Retained Equity. Because this purchase right is contingent upon Mr. Tenderini's post-acquisition employment, it is not included as part of the consideration but will be recognized as share-based compensation over the vesting period. The award is considered a liability award and will be marked to fair value each reporting period. In order to estimate the fair value of the award we utilize a lattice model with a Monte Carlo simulation. Pursuant to the Put and Call Option Agreement, Mr. Tenderini has the right to sell to us all (but not less than all) of the CEO Retained Equity at the end of Pixartprinting’s fiscal years ending June 30, 2015, 2016 and 2017 for a purchase price based on Pixartprinting’s EBITDA and net financial position (as reflected in its annual financial statements) for the fiscal year as to which the put option is exercised. We have the right to buy from Mr. Tenderini all (but not less than all) of the CEO Retained Equity at the end of Pixartprinting’s fiscal years ending June 30, 2017 and 2018 for a purchase price based on Pixartprinting’s EBITDA and net financial position (as reflected in its annual financial statements) for the fiscal year as to which the call option is exercised. The parties’ put and call rights are also triggered by certain other events and are exercisable during 30-day periods following the determination of the option purchase price for the relevant fiscal year. The total fair value of the award as of June 30, 2015 is $2,616 and we have recognized $2,177 and $439 in general and administrative expense for the year ended June 30, 2015 and 2014, respectively. The table below details the consideration transferred to acquire Pixartprinting: Cash paid $ 175,896 Shareholder loans assumed 20,227 Fair value of contingent consideration 4,953 Total consideration $ 201,076 The excess of the purchase price paid over the fair value of Pixartprinting’s net assets was recorded as goodwill, which is primarily attributable to expected synergies and the value of the workforce of Pixartprinting. Goodwill is not expected to be deductible for tax purposes, and has been attributed to our All Other Business Units reportable segment. The fair value of the assets acquired and liabilities assumed was: Weighted Average Amount Useful Life in Years Tangible assets acquired and liabilities assumed: Cash and cash equivalents $ 6,913 n/a Other current assets 5,601 n/a Non-current assets 20,582 n/a Accounts payable and other current liabilities (17,681 ) n/a Deferred tax liability (20,640 ) n/a Other long-term liabilities (9,943 ) n/a Identifiable intangible assets: Customer relationships 42,375 6 Trade name 16,372 10 Developed technology 8,943 3 Noncontrolling interest (5,728 ) Goodwill 154,282 n/a Total purchase price $ 201,076 Acquisition of Printdeal B.V. (formerly known as People & Print Group B.V.) On April 1, 2014, we acquired 100% of the outstanding shares of Printdeal B.V. (formerly known as People & Print Group B.V.), an online Dutch printing company focused primarily on the Dutch and Belgian markets . At the closing, we paid €20,545 ( $28,300 based on the exchange rate as of the date of acquisition) in cash, subject to working capital and other adjustments, and an additional €4,000 ( $5,509 based on the exchange rate as of the date of acquisition) , is payable in Cimpress shares in January 2016 subject to warranties and claims made by the seller. In addition to the initial purchase consideration, we agreed to a sliding scale earn-out that is based on calendar year 2015 revenue and EBITDA targets. The estimated acquisition date fair value of the earn-out payment of $9,053 was included as a component of the purchase price based on an evaluation of the likelihood of achievement of the contractual conditions and weighted probability assumptions of these outcomes. During the third quarter of fiscal 2015, we amended the terms to pay a fixed amount of €15,000 , of which €8,000 was paid in March 2015 ( $8,270 based on the exchange rate as of the date of payment) and the remaining €7,000 ( $7,833 based on the exchange rate as of June 30, 2015) is payable during the fourth quarter of fiscal 2016. We recognized the assets and liabilities on the basis of their fair values at the date of our the acquisition, with any excess of the purchase price paid over the fair value of the net assets recorded as goodwill. Of the total purchase price of $42,862 , $20,605 was allocated to goodwill, $23,968 to acquired intangible assets and $1,711 to net liabilities. Goodwill is not expected to be deductible for tax purposes, and has been attributed to our All Other Business Units reportable segment. The revenue and earnings included in our fiscal 2014 consolidated financial statements since the acquisition date are not material. We utilized proceeds from our credit facility to finance our fiscal 2014 acquisitions. In connection with these acquisitions, we incurred transaction costs related to investment banking, legal, financial, and other professional services of approximately $4,530 in the year ended June 30, 2014, which were recorded in general and administrative expenses. Identifiable Intangible Assets We used the income approach to value the trade names, customer relationships and customer network and a replacement cost approach to value developed technology. The income approach calculates fair value by discounting the forecasted after-tax cash flows back to a present value using an appropriate discount rate. The baseline data for this analysis was the cash flow estimates used to price the transaction. In estimating the useful life of the acquired assets, we reviewed the expected use of the assets acquired, factors that may limit the useful life of an acquired asset or may enable the extension of the useful life of an acquired asset without substantial cost, the effects of obsolescence, demand, competition and other economic factors, and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. We amortize acquired intangible assets over their economic useful lives using either a method that is based on estimated future cash flows or a straight-line basis over the periods benefited. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Goodwill and Acquired Intangible Assets Goodwill The carrying amount of goodwill by segment as of June 30, 2014 and June 30, 2015 is as follows: Vistaprint Business Unit All Other Business Units Total Balance as of June 30, 2013 (1) $ 135,122 $ 5,771 $ 140,893 Acquisitions (2) — 174,887 174,887 Effect of currency translation adjustments (3) 2,885 (1,478 ) 1,407 Balance as of June 30, 2014 (1) 138,007 179,180 317,187 Acquisitions (2) — 122,319 122,319 Adjustments — (113 ) (113 ) Effect of currency translation adjustments (3) (9,353 ) (29,411 ) (38,764 ) Balance as of June 30, 2015 $ 128,654 $ 271,975 $ 400,629 _________________ (1) Our segment reporting has been revised as of July 1, 2014 and, as such, we have re-allocated our goodwill by segment for the periods ended June 30, 2014 and 2013. See Note 17 for additional details. (2) See Notes 8 and 16 for additional details. (3) Relates to goodwill held by subsidiaries whose functional currency is not the U.S. Dollar. Acquired Intangible Assets June 30, 2015 June 30, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade Name $ 45,743 $ (7,581 ) $ 38,162 $ 32,092 $ (4,495 ) $ 27,597 Developed Technology 33,270 (15,466 ) 17,804 27,205 (13,404 ) 13,801 Customer Relationships 114,616 (21,966 ) 92,650 77,774 (12,164 ) 65,610 Customer Network 4,829 (2,382 ) 2,447 4,876 (1,670 ) 3,206 Total Intangible Assets $ 198,458 $ (47,395 ) $ 151,063 $ 141,947 $ (31,733 ) $ 110,214 Acquired intangible assets amortization expense for the years ended June 30, 2015, 2014 and 2013 was $24,264 , $12,723 and $10,778 , respectively. Estimated intangible assets amortization expense for each of the five succeeding fiscal years is as follows: 2016 $ 33,351 2017 25,329 2018 21,680 2019 16,469 2020 13,471 $ 110,300 |
Other Balance Sheet Components
Other Balance Sheet Components (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Other Balance Sheet Components Accrued expenses included the following: June 30, 2015 June 30, 2014 Compensation costs (1) $ 62,759 $ 46,375 Income and indirect taxes 25,495 23,190 Advertising costs 20,275 19,299 Acquisition-related consideration payable (2) 17,400 6,276 Interest 5,731 375 Shipping costs 2,471 4,104 Purchases of property, plant and equipment 3,030 3,687 Professional costs 2,396 2,224 Other (3) 33,269 15,647 Total accrued expenses $ 172,826 $ 121,177 _____________________ (1) The increase in compensation costs is primarily due to an increase in accrued bonus and long-term incentive payments of $10,097 , as well as an increase of $4,282 due to the operations we acquired in fiscal 2015. (2) The increase is due to the reclassification of the contingent consideration liability of $7,833 and deferred consideration payable in shares of $4,477 to short-term as of June 30, 2015, as well as the working capital and net debt adjustment relating to our Exagroup acquisition of $5,090 , partially offset by a contingent consideration payment during the period. (3) The increase is primarily due to the vesting of certain liability based equity awards, as well as an increase in miscellaneous accruals from the operations we acquired in fiscal 2015. Other current liabilities included the following: June 30, 2015 June 30, 2014 Short-term portion of lease financing obligation $ 10,475 $ — Short-term capital lease obligations 7,497 — Other 3,498 888 Total other current liabilities $ 21,470 $ 888 Other liabilities included the following: June 30, 2015 June 30, 2014 Long-term capital lease obligations $ 18,304 $ 8,875 Long-term derivative liabilities 9,816 665 Other 23,953 34,880 Total other liabilities $ 52,073 $ 44,420 |
Debt (Notes)
Debt (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Debt June 30, 2015 June 30, 2014 7.0% Senior unsecured notes due 2022 $ 275,000 $ — Senior secured credit facility (1) 231,507 426,859 Other (2) 11,536 — Uncommitted credit facility 4,500 21,200 Total debt outstanding 522,543 448,059 Less short-term debt (1) 22,602 37,575 Long-term debt $ 499,941 $ 410,484 _____________________ (1) Balances as of June 30, 2015 are inclusive of short-term and long-term debt discounts of $116 and $377 , respectively. (2) Balance as of June 30, 2015 represents various term loans assumed in conjunction with certain fiscal 2015 acquisitions. Our Debt Our various debt arrangements described below contain customary representations, warranties and events of default. As of June 30, 2015 , we were in compliance with all financial and other covenants related to our debt. Indenture and Senior Unsecured Notes due 2022 On March 24, 2015, we completed a private placement of $275,000 in aggregate principal amount of 7.0% senior unsecured notes due 2022 (the “Notes”). We issued the Notes pursuant to a senior notes indenture dated as of March 24, 2015 among Cimpress N.V., our subsidiary guarantors, and MUFG Union Bank, N.A., as trustee (the "Indenture"). We used the proceeds from the Notes to pay outstanding indebtedness under our unsecured line of credit and our senior secured credit facility and for general corporate purposes. The Notes bear interest at a rate of 7.0% per annum and mature on April 1, 2022. Interest on the Notes is payable semi-annually on April 1 and October 1 of each year, commencing on October 1, 2015, to the holders of record of the Notes at the close of business on March 15 and September 15, respectively, preceding such interest payment date. The Notes are senior unsecured obligations and rank equally in right of payment to all our existing and future senior unsecured debt and senior in right of payment to all of our existing and future subordinated debt. The Notes are effectively subordinated to any of our existing and future secured debt to the extent of the value of the assets securing such debt. Subject to certain exceptions, each of our existing and future subsidiaries that is a borrower under or guarantees our senior secured credit facilities will guarantee the Notes. The Indenture contains various covenants, including covenants that, subject to certain exceptions, limit our and our restricted subsidiaries’ ability to incur and/or guarantee additional debt; pay dividends, repurchase shares or make certain other restricted payments; enter into agreements limiting dividends and certain other restricted payments; prepay, redeem or repurchase subordinated debt; grant liens on assets; enter into sale and leaseback transactions; merge, consolidate or transfer or dispose of substantially all of our consolidated assets; sell, transfer or otherwise dispose of property and assets; and engage in transactions with affiliates. At any time prior to April 1, 2018, we may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount redeemed, plus a make-whole amount as set forth in the Indenture, plus, in each case, accrued and unpaid interest to, but not including, the redemption date. In addition, at any time prior to April 1, 2018, we may redeem up to 35% of the aggregate outstanding principal amount of the Notes at a redemption price equal to 107.0% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date, with the net proceeds of certain equity offerings by Cimpress. At any time on or after April 1, 2018, we may redeem some or all of the Notes at the redemption prices specified in the Indenture, plus accrued and unpaid interest to, but not including, the redemption date. Senior Secured Credit Facility As of June 30, 2015 , we have a senior secured credit facility of $844,000 as follows: • Revolving loans of $690,000 with a maturity date of September 23, 2019 • Term loan of $154,000 amortizing over the loan period, with a final maturity date of September 23, 2019 Under the terms of our credit agreement, borrowings bear interest at a variable rate of interest based on LIBOR plus 1.50% to 2.25% depending on our leverage ratio, which is the ratio of our consolidated total indebtedness to our consolidated EBITDA, as defined by the credit agreement. As of June 30, 2015 , the weighted-average interest rate on outstanding borrowings was 2.43% , inclusive of interest rate swap rates. We must also pay a commitment fee on unused balances of 0.225% to 0.400% depending on our leverage ratio. We have pledged the assets and/or share capital of several of our subsidiaries as collateral for our outstanding debt as of June 30, 2015 . Our credit agreement contains financial and other covenants, including but not limited to limitations on (1) our incurrence of additional indebtedness and liens, (2) the consummation of intercompany activities or certain fundamental organizational changes, for example acquisitions, (3) investments and restricted payments including the amount of purchases of our ordinary shares or payments of dividends, and (4) the amount of consolidated capital expenditures that we may make in each of our fiscal years through June 30, 2019. The credit agreement also contains financial covenants calculated on a trailing twelve month, or TTM, basis that: • our total leverage ratio, which is the ratio of our consolidated total indebtedness to our TTM consolidated EBITDA, will not exceed 4.50 to 1.00 . • our senior secured leverage ratio, which is the ratio of our consolidated senior secured indebtedness to our TTM consolidated EBITDA, will not exceed 3.25 to 1.00 . • our interest coverage ratio, which is the ratio of our consolidated EBITDA to our consolidated interest expense, will be at least 3.00 to 1.00 . Additional line of credit We have an uncommitted line of credit with Santander Bank, N.A, and under the terms of the agreement we may borrow up to $25,000 at any time, with a maturity date of up to 90 days from the loan origination date. Under the terms of our uncommitted line of credit, borrowings bear interest at a variable rate of interest that may change from time to time. As of June 30, 2015 the weighted-average interest rate on outstanding borrowings of $4,500 was 1.35% . |
Shareholders' Equity (Notes)
Shareholders' Equity (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stockholders' Equity Note Disclosure [Text Block] | Shareholders’ Equity Share purchases On December 11, 2014, we announced that our Supervisory Board authorized the purchase of up to 6,400,000 of our ordinary shares. We have not repurchased any shares under this program through June 30, 2015. Share-based awards The 2011 Equity Incentive Plan (the “2011 Plan”) became effective upon shareholder approval on June 30, 2011 and allows us to grant share options, share appreciation rights, restricted shares, restricted share units and other awards based on our ordinary shares to our employees, officers, non-employee directors, consultants and advisors. Among other terms, the 2011 Plan requires that the exercise price of any share option or share appreciation right granted under the 2011 Plan be at least 100% of the fair market value of the ordinary shares on the date of grant; limits the term of any share option or share appreciation right to a maximum period of 10 years ; provides that shares underlying outstanding awards under the Amended and Restated 2005 Equity Incentive Plan that are canceled, forfeited, expired or otherwise terminated without having been issued in full will become available for the grant of new awards under the 2011 Plan; and prohibits the repricing of any share options or share appreciation rights without shareholder approval. In addition, the 2011 Plan provides that the number of ordinary shares available for issuance under the plan will be reduced by (i) 1.56 ordinary shares for each share subject to a restricted share or other share-based award with a per share or per unit purchase price lower than 100% of the fair market value of the ordinary shares on the date of grant and (ii) one ordinary share for each share subject to any other award under the 2011 Plan. Our 2005 Non-Employee Directors’ Share Option Plan provides for non-employee directors to receive share option grants upon initial appointment as a director and annually thereafter in connection with our annual general meeting of shareholders if they are continuing to serve as a director at such time. We also have one additional plan with options outstanding from which we will not grant any additional awards. An aggregate of 2,387,435 ordinary shares are available for future awards under all of our share-based award plans as of June 30, 2015 . A combination of new shares and treasury shares has historically been used in fulfillment of option exercises and issuance of shares upon RSU award vesting. Share options We grant options to purchase ordinary shares at prices that are at least equal to the fair market value of the shares on the date the option is granted and have a contractual term of approximately eight to ten years. Options generally vest quarterly over 3 years for non-employee directors and 25% after one year and quarterly for 12 quarters thereafter for employees. The fair value of each option award subject only to service period vesting is estimated on the date of grant using the Black-Scholes option pricing model and is recognized as expense on a straight-line basis over the requisite service period, net of estimated forfeitures based on historical experience. Use of a valuation model requires management to make certain assumptions with respect to inputs. The expected volatility assumption is based upon historical volatility of our share price. The expected term assumption is based on the contractual and vesting term of the option and historical experience. The risk-free interest rate is based on the U.S. Treasury yield curve with a maturity equal to the expected life assumed at the grant date. We value share options with a market condition using a lattice model with compensation expense recorded on an accelerated basis over the requisite service period. Weighted-average values used for option grants in fiscal 2015 , 2014 and 2013 were as follows: Year Ended June 30, 2015 2014 2013 Risk-free interest rate 1.67 % 1.56 % 0.81 % Expected dividend yield — % — % — % Expected term (years) 6.00 5.75 6.00 Expected volatility 50 % 56 % 58 % Weighted average fair value of options granted $ 35.84 $ 28.14 $ 17.23 A summary of our share option activity and related information for the year ended June 30, 2015 is as follows: Shares Pursuant to Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at the beginning of the period 3,959,353 $ 38.43 5.1 Granted 18,135 73.28 Exercised (1,057,015 ) 20.58 Forfeited/cancelled (7,081 ) 51.84 Outstanding at the end of the period 2,913,392 $ 45.09 4.3 $ 113,840 Vested or expected to vest at the end of the period 2,811,830 $ 44.90 4.3 $ 110,396 Exercisable at the end of the period 1,686,223 $ 41.34 3.8 $ 72,207 The intrinsic value in the table above represents the total pre-tax amount, net of exercise price, which would have been received if all option holders exercised in-the-money options on June 30, 2015 . The total intrinsic value of options exercised during the fiscal years ended June 30, 2015 , 2014 and 2013 was $61,531 , $14,860 , and $6,648 , respectively. Restricted share units The fair value of RSU grants is equal to the fair market value of our ordinary shares on the date of grant and is recognized as expense on a straight-line basis over the requisite service period, net of estimated forfeitures based on historical experience. RSUs generally vest quarterly for two to three years for non-employee directors and 25% after one year and quarterly for 12 quarters thereafter for employees. For awards with a performance condition, we recognize compensation cost on an accelerated basis over the requisite service period when achievement of the performance condition is deemed probable. As of June 30, 2015 , we had 210,000 RSUs outstanding that vest based on the achievement of various performance targets through fiscal 2022. The performance criteria for 180,000 of these RSUs are currently deemed not probable of achievement. Future changes in our probability conclusions could result in volatility of our share-based compensation expense as the awards have a maximum compensation of $7,169 . A summary of our unvested RSU activity and related information for the fiscal year ended June 30, 2015 is as follows: RSUs Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value Unvested at the beginning of the period 837,131 $ 42.10 Granted 310,255 63.28 Vested and distributed (297,054 ) 42.72 Forfeited (83,052 ) 44.20 Unvested at the end of the period 767,280 $ 50.19 $ 64,574 The weighted average fair value of RSUs granted during the fiscal years ended June 30, 2015 , 2014 and 2013 was $63.28 , $48.06 and $39.72 , respectively. The total intrinsic value of RSUs vested during the fiscal years ended June 30, 2014 , 2013 and 2012 was $19,846 , $20,629 and $12,397 , respectively. Restricted share awards In conjunction with the December 2011 acquisition of Webs, we granted RSAs to the founding shareholders of Webs that vested 50% on December 28, 2012 and 50% on December 28, 2013, subject to continued employment on each vesting date with possible accelerated vesting or forfeiture under certain circumstances. The fair value of the RSAs of $15,843 was determined based on our share price on the date of acquisition and was recognized as share-based compensation expense over the two year vesting period. Share-based compensation Total share-based compensation costs were $24,075 , $27,786 and $32,928 for the years ended June 30, 2015 , 2014 and 2013 , respectively. See footnotes 8 and 17 for information related to liability based awards issued in conjunction with our acquisition of Pixartprinting and our capital investment in our variable interest entity Printi LLC. Share-based compensation costs capitalized as part of software and website development costs were $477 , $254 and $130 for the years ended June 30, 2015 , 2014 and 2013 , respectively. As of June 30, 2015 , there was $40,272 of total unrecognized compensation cost related to non-vested, share-based compensation arrangements, net of estimated forfeitures. This cost is expected to be recognized over a weighted average period of 2.7 years. |
Employees' Savings Plan (Notes)
Employees' Savings Plan (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Employees’ Savings Plans Defined contribution plans We maintain certain government mandated and defined contribution plans throughout the world. The most significant is our defined contribution retirement plan in the U.S. (the “Plan”) that complies with Section 401(k) of the Internal Revenue Code. Substantially all employees in the U.S. are eligible to participate in the Plan. Under the provisions of the Plan, employees may voluntarily contribute up to 80% of eligible compensation, subject to IRS limitations. We match 50% of each participant’s voluntary contributions, subject to a maximum company contribution of 3% of the participant’s eligible compensation. Employee contributions are fully vested when contributed. Company matching contributions vest over 4 years. We expensed $8,619 , $8,178 and $7,158 for our government mandated and defined contribution plans in the years ended June 30, 2015 , 2014 and 2013 , respectively. Our expenses from these plans have increased during the year ended June 30, 2015 due to increased headcount, as well as the full year impact of our business acquisitions during the prior period. Defined benefit plan We currently have a defined benefit plan that covers substantially all of our employees in Switzerland. Our Swiss plan is a government-mandated retirement fund with benefits generally earned based on years of service and compensation during active employment; however, the level of benefits varies within the Plan. Eligibility is determined in accordance with local statutory requirements. Under this plan, both we and certain of our employees with annual earnings in excess of government determined amounts are required to make contributions into a fund managed by an independent investment fiduciary. Employer contributions must be in an amount at least equal to the employee’s contribution. Minimum employee contributions are based on the respective employee’s age, salary, and gender. As of June 30, 2015 and 2014, the plan had an unfunded net pension obligation of approximately $4,252 and $3,338 , respectively and plan assets which totaled approximately $9,596 and $11,602 , respectively. For the years ended June 30, 2015 , 2014 and 2013 we recognized expense totaling $2,043 , $1,921 , and $1,417 , respectively, related to our Swiss plan. During fiscal 2015, a component of the total expense relates to a settlement loss of $456 as a result of headcount reductions in our Switzerland office. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following is a summary of our income before income taxes and loss in equity interests by geography: Year Ended June 30, 2015 2014 2013 U.S. $ 21,567 $ 14,382 $ 8,730 Non-U.S. 78,186 42,228 32,002 Total $ 99,753 $ 56,610 $ 40,732 The components of the provision (benefit) for income taxes are as follows: Year Ended June 30, 2015 2014 2013 Current: U.S. Federal $ 12,680 $ 10,438 $ 6,816 U.S. State 2,313 3,880 1,762 Non-U.S. 12,496 8,273 3,477 Total current 27,489 22,591 12,055 Deferred: U.S. Federal (4,505 ) (3,754 ) (274 ) U.S. State (1,070 ) (897 ) (163 ) Non-U.S. (11,473 ) (7,350 ) (2,231 ) Total deferred (17,048 ) (12,001 ) (2,668 ) Total $ 10,441 $ 10,590 $ 9,387 The following is a reconciliation of the standard U.S. federal statutory tax rate and our effective tax rate: Year Ended June 30, 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State taxes, net of federal effect 0.8 3.4 2.6 Tax rate differential on non-U.S. earnings (24.0 ) (19.3 ) (23.8 ) Compensation related items 1.1 4.3 6.5 Increase in valuation allowance 8.0 4.8 5.0 Nondeductible (taxable) acquisition-related payments 3.7 0.3 (0.3 ) Notional interest deduction (Italy) (2.5 ) (0.1 ) — Net tax (benefit) expense on intellectual property transfer (12.2 ) (16.4 ) 3.2 Tax benefit from Canadian tax currency election — — (4.7 ) Nondeductible loss on investment in Namex — 3.8 — Other 0.6 2.9 (0.5 ) Effective income tax rate 10.5 % 18.7 % 23.0 % For the year ended June 30, 2015, our effective tax rate is 10.5% as compared to the prior year effective tax rate of 18.7% . The main causes for this decrease are higher tax benefits in fiscal 2015 related to the transfer of intellectual property described in further detail below, combined with an increase in our consolidated pre-tax income and a more favorable geographical mix of earnings as compared to fiscal 2014. These benefits to the fiscal 2015 tax rate were partially offset by greater losses incurred in fiscal 2015 as compared to fiscal 2014 in certain jurisdictions where we are unable to recognize a tax benefit. For the year ended June 30, 2014, we recognized a loss on our investment in Namex for which there was no tax benefit and this adversely impacted the effective tax rate for fiscal 2014. On October 1, 2013, we made changes to our corporate entity operating structure, including transferring our intellectual property among certain of our subsidiaries, primarily to align our corporate entities with our evolving operations and business model. The transfer of assets occurred between wholly owned legal entities within the Cimpress group that are based in different tax jurisdictions. As the impact of the transfer was the result of an intra-entity transaction, any resulting gain or loss and immediate tax impact on the transfer is eliminated and not recognized in the consolidated financial statements under U.S. GAAP. The transferor entity recognized a gain on the transfer of assets that was not subject to income tax in its local jurisdiction. However, the recipient entity will receive a tax benefit associated with the future amortization of the fair market value of the intellectual property received, which for tax purposes will occur over a period of five years in accordance with the applicable tax laws. In the year ended June 30, 2012, one of our subsidiaries purchased certain intellectual property and intangible assets of Webs, Inc., and we recognize the tax expense associated with the intra-entity transfer of these assets over a period equal to the expected economic lives of the assets. We elected to fund the transfer of these assets using an installment obligation payable over a 7.5-year period, and accordingly we recorded a deferred tax liability for the entire tax liability owed but not yet paid as of the date of the transaction with a corresponding asset in "Other Assets" to reflect the deferred tax charge to be recognized over the expected remaining lives of the assets. Significant components of our deferred income tax assets and liabilities consist of the following at June 30, 2015 and 2014: Year Ended June 30, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 31,547 $ 15,066 Depreciation and amortization 836 373 Accrued expenses 4,691 5,112 Share-based compensation 15,580 14,712 Credit and other carryforwards 114 146 Derivative financial instruments 2,396 142 Other 1,598 1,227 Subtotal 56,762 36,778 Valuation allowance (16,612 ) (6,890 ) Total deferred tax assets 40,150 29,888 Deferred tax liabilities: Depreciation and amortization (55,026 ) (35,639 ) IP installment obligation (13,325 ) (16,557 ) Capital Leases (1,345 ) (1,162 ) Other (772 ) (75 ) Total deferred tax liabilities (70,468 ) (53,433 ) Net deferred tax liabilities $ (30,318 ) $ (23,545 ) The current portion of the net deferred taxes at June 30, 2015 and 2014 consisted of an asset of $1,559 and $717 , respectively, included in prepaid expenses and other current assets and a liability of $1,043 and $2,178 , respectively, which is included in current liabilities in the accompanying consolidated balance sheet. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The increase in the valuation allowance from the prior year relates primarily to losses incurred in certain jurisdictions (mainly Brazil, India, Japan and the Netherlands) for which management has determined, based on current profitability projections, that it is more likely than not that these losses will not be utilized within the applicable carryforward periods available under local law. We have not recorded a valuation allowance against $10,578 of deferred tax asset associated with current and prior year tax losses generated in Switzerland. Management believes there is sufficient positive evidence in the form of historical and future projected profitability to conclude that it is more likely than not that all of the losses in Switzerland will be utilized against future taxable profits within the available carryforward period. Our assessment is reliant on the attainment of our future operating profit goals. Failure to achieve these operating profit goals may change our assessment of this deferred tax asset, and such change would result in an additional valuation allowance and an increase in income tax expense to be recorded in the period of the change in assessment. We will continue to review our forecasts and profitability trends on a quarterly basis. Additionally, we have recorded a full valuation allowance against the $2,396 deferred tax asset related to an interest rate derivative instrument for which management has determined, based on current profitability projections, that it is more likely than not that it will not be recognized in the foreseeable future. The impact of this deferred tax asset and associated valuation allowance has been recorded in accumulated other comprehensive (loss) income on the balance sheet. No valuation allowance has been recorded against the $15,580 deferred tax asset associated with share-based compensation charges at June 30, 2015. However, in the future, if the underlying awards expire, are released or are exercised with an intrinsic value less than the fair value of the awards on the date of grant, some or all of the benefit may not be realizable. Based on the weight of available evidence at June 30, 2015, management believes that it is more likely than not that all other net deferred tax assets will be realized in the foreseeable future. We will continue to assess the realization of the deferred tax assets based on operating results. A reconciliation of the beginning and ending amount of the valuation allowance for the year ended June 30, 2015 is as follows: Balance at June 30, 2014 $ 6,890 Charges to earnings (1) 7,940 Charges to other accounts (2) 1,782 Balance at June 30, 2015 $ 16,612 _________________ (1) Amount is primarily related to non-U.S. net operating losses. (2) Amount is primarily related to unrealized losses on cross-currency swap contracts included in other comprehensive income (loss) and non-U.S. net operating losses recorded in purchase accounting, partially offset by a decrease in deferred tax assets on non-U.S. net operating losses due to currency exchange rate changes. The deferred tax liabilities increased by $28,010 in fiscal 2015 as a result of intangible and other assets from our fiscal 2015 acquisitions. As of June 30, 2015, we had gross U.S. federal and state net operating losses of approximately $1,850 that expire on various dates from fiscal 2030 through fiscal 2034. We had gross non-U.S. net operating loss and other carryforwards of $180,263 , a significant amount of which expire in fiscal 2021, with the remaining amounts expiring on various dates from fiscal 2019 through fiscal 2031. The benefits of these carryforwards are dependent upon the generation of taxable income in the jurisdictions where they arose. During fiscal 2015, we recognized excess tax deductions related to share-based compensation resulting in a net operating loss that can be carried back to reclaim prior year taxes paid. Accordingly, we have recorded a receivable of $7,617 in prepaid expenses and other current assets and recognized the benefit through shareholders’ equity. In addition, we have $28,777 of state net operating losses and $1,031 of federal and state R&D credit carryforwards as a result of excess tax deductions related to share-based compensation. We will realize the benefit of these excess tax deductions through increases to shareholders’ equity in the periods in which these carryforward losses are utilized to reduce cash tax payments. As of June 30, 2015, no tax provision has been made for $59,010 of undistributed earnings of certain of our subsidiaries as these earnings are considered indefinitely reinvested. If, in the future, we decide to repatriate the undistributed earnings from these subsidiaries in the form of dividends or otherwise, we could be subject to withholding taxes payable in the range of $7,000 to $8,000 at that time. A deferred tax liability of $361 has been recorded attributable to undistributed earnings of recently-acquired subsidiaries that we have deemed are not indefinitely reinvested. The remaining undistributed earnings of our subsidiaries are not deemed to be indefinitely reinvested and can be repatriated at no tax cost. Accordingly, there has been no provision for income or withholding taxes on these earnings. A reconciliation of the gross beginning and ending amount of unrecognized tax benefits is as follows: Balance at June 30, 2013 $ 5,682 Additions based on tax positions related to the current tax year 152 Additions based on tax positions related to prior tax years 1,244 Reductions due to audit settlements (334 ) Balance at June 30, 2014 $ 6,744 Additions based on tax positions related to the current tax year 208 Additions based on tax positions related to prior tax years 73 Reductions based on tax positions related to prior tax years (1,240 ) Reductions due to audit settlements (75 ) Balance at June 30, 2015 $ 5,710 For the years ended June 30, 2015 and 2014, the amount of unrecognized tax benefits (exclusive of interest) that, if recognized, would impact the effective tax rate is $2,383 and $3,061 , respectively. We recognize interest and, if applicable, penalties related to unrecognized tax benefits in income tax expense. The accrued interest and penalties recognized as of June 30, 2015 and 2014 were $110 and $298 , respectively. It is reasonably possible that a further change in unrecognized tax benefits may occur within the next twelve months related to the settlement of one or more audits or the lapse of applicable statutes of limitations. However, an estimated range of the impact on the unrecognized tax benefits cannot be quantified at this time. 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 2012 through 2014 remain open for examination by the United States Internal Revenue Service (“IRS”) and the years 2006 through 2014 remain open for examination in the various states and non-US tax jurisdictions in which we file tax returns. We are currently under income tax audit in various jurisdictions globally. One of our subsidiaries, Vistaprint Limited, had recently been under income tax audit and subsequent administrative appeal by the IRS for the 2007 to 2009 tax years. In November 2014, we received Form 870-AD from the IRS Office of Appeals that presented a finding of no additional tax owed by Vistaprint Limited. Accordingly, this audit is now closed with no tax adjustments. Additionally, Cimpress USA Incorporated (formerly known as Vistaprint USA, Incorporated) was under audit by the IRS for the 2012 and 2013 tax years. This audit was concluded in March 2015 with no material tax adjustments to the financial statements. Cimpress USA Incorporated is also currently under income tax audit by the Massachusetts Department of Revenue ("DOR"). Cimpress USA Incorporated received Notices of Assessment from the DOR for the tax years 2006-2008 and 2010-2011. The Notices contain adjustments to taxable income for these years. The issue in dispute is whether the DOR has the right to impute royalty income to Cimpress USA Incorporated in the years at issue associated with the use of certain intangible property by Vistaprint Limited, even though that intangible property was transferred for a lump-sum payment to Vistaprint Limited in an earlier year that is closed to adjustment by virtue of the governing statute of limitations. In July 2014, we filed an Application for Abatement with the DOR Office of Appeals to appeal the DOR’s findings; however, our appeal was denied. In August 2014, we filed a petition to have our case heard by the Massachusetts Appellate Tax Board. The hearing for our case is set to begin in December 2015. We continue to believe that the DOR’s position has no merit, and we intend to contest these assessments to the fullest extent possible. We continuously evaluate our income tax reserves in light of recent developments in our income tax audits and believe that the positions reported on our tax returns will be sustained on their technical merits. However, final resolution is uncertain and there is a possibility that the final resolution could have a material impact on our financial condition, results of operations or cash flows. |
Noncontrolling interest (Notes)
Noncontrolling interest (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests In certain of our strategic investments we have purchased a controlling equity stake, but there remains a minority portion of the equity that is owned by a third party. The balance sheet and operating activity of these entities are included in our consolidated financial statements and we adjust the net income in our consolidated statement of operations to exclude the noncontrolling interests' proportionate share of results. We present the proportionate share of equity attributable to the redeemable noncontrolling interests as temporary equity within our consolidated balance sheet and the proportionate share of noncontrolling interests not subject to a redemption provision that is outside of our control as equity. Redeemable noncontrolling interests On April 15, 2015 we acquired 70% of the outstanding shares of Exagroup. The remaining 30% is considered a redeemable noncontrolling equity interest, as it is redeemable in the future and not solely within our control. The redeemable noncontrolling interest was recorded at its fair value as of the acquisition date and will be adjusted to its redemption value on a periodic basis, if that amount exceeds its fair value. As of June 30, 2015 , the redemption value is less than the carrying value and therefore no adjustment has been made. For additional details please refer to Note 8 Business Combinations. On April 3, 2014 we acquired 97% of the outstanding corporate capital of Pixartprinting S.p.A. The remaining 3% is considered a redeemable noncontrolling equity interest, as it is redeemable for cash based on future financial results and not solely within our control. The redeemable noncontrolling interest was recorded at its fair value as of the acquisition date and will be adjusted to its redemption value on a periodic basis, if that amount exceeds its fair value. As of June 30, 2015 , the redemption value is less than carrying value and therefore no adjustment has been made. For additional details please refer to Note 8 Business Combinations. We own a 51% controlling interest in a joint business arrangement with Plaza Create Co. Ltd., a leading Japanese retailer of photo products, to expand our market presence in Japan. During fiscal 2014, we contributed $4,891 in cash and $1,100 in assets, and Plaza Create made an initial capital contribution of $4,818 in cash and $955 in assets. We have a call option to acquire the remaining 49% of the business if Plaza Create materially breaches any of its contracts with us. If we materially breach any of our contracts with Plaza Create, Plaza Create has an option to put its shares to us. As the exercise of this put option is not solely within our control, the noncontrolling equity interest in the business is presented as temporary equity in our consolidated balance sheet. As of June 30, 2015, it is not probable that the noncontrolling interest will be redeemable. Noncontrolling interest On August 7, 2014, we made a capital investment in Printi LLC as described in Note 16. The noncontrolling interest was recorded at its estimated fair value as of the investment date. The net income (loss) of the operations allocated to the noncontrolling interest considers our stated liquidation preference in applying the income or loss to each party. The following table presents the reconciliation of changes in our noncontrolling interests: Redeemable noncontrolling interests Noncontrolling interest Balance as of June 30, 2013 $ — $ — Capital contribution from noncontrolling interest 5,773 — Adjustment to noncontrolling interest 56 — Acquisition of noncontrolling interest 5,728 — Net loss attributable to noncontrolling interest (380 ) — Foreign currency translation (17 ) — Balance as of June 30, 2014 $ 11,160 $ — Capital contribution from noncontrolling interest 4,160 — Acquisition of noncontrolling interest 42,951 2,867 Dividend paid to noncontrolling interest (118 ) — Net loss attributable to noncontrolling interest (700 ) (2,200 ) Foreign currency translation 285 (155 ) Balance as of June 30, 2015 $ 57,738 $ 512 |
Variable Interest Entities (Not
Variable Interest Entities (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity Disclosure [Text Block] | Variable Interest Entities ("VIE") VIE of which we are the Primary Beneficiary Investment in Printi LLC On August 7, 2014, we made a capital investment in Printi LLC, which operates in Brazil. This investment provides us access to a new market and the opportunity to drive longer-term growth in Brazil. We paid $5,360 in cash for preferred shares and made a $2,850 capital contribution in exchange for a 41.6% equity interest in Printi with call options to increase our ownership incrementally over a 9-year period by purchasing equity interests either directly from Printi or from certain employee shareholders. We exercised the first contingent call option in the fourth quarter of fiscal 2015 to acquire newly issued preferred shares which increased our ownership to 49.99% as of June 30, 2015. Based upon the level of equity investment at risk, Printi is considered a variable interest entity. The shareholders share profits and voting control on a pro-rata basis. While we do not manage the day to day operations of Printi, we do have the unilateral ability to exercise participating voting rights for specific transactions and as such no one shareholder is considered to be the primary beneficiary. However, certain significant shareholders cannot transfer their equity interests without our approval and as a result are considered de facto agents on our behalf in accordance with ASC 810-10-25-43. In aggregating our rights, as well as those of our de facto agents, the group as a whole has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses and the right to receive benefits from the entity. In situations where a de facto agency relationship is present, one party is required to be identified as the primary beneficiary and the evaluation requires significant judgment. The factors considered include the presence of a principal/agent relationship, the relationship and significance of activities to the reporting entity, the variability associated with the VIE's anticipated economics and the design of the VIE. The analysis is qualitative in nature and is based on weighting the relative importance of each of the factors in relation to the specifics of the VIE arrangement. Upon our investment we performed an analysis and concluded that we are the party that is most closely associated with Printi, as we are most exposed to the variability of the economics and therefore considered the primary beneficiary. As we are the primary beneficiary, our consolidated financial statements include the accounts of Printi from August 7, 2014. The results are immaterial to our consolidated statements of operations for the year ended June 30, 2015 . We have recognized the assets and liabilities on the basis of their fair values at the date of our investment, with any excess of the purchase price paid over the fair value of the net assets recorded as goodwill. Of the total purchase price of $5,360 , $7,469 was allocated to goodwill, $2,465 to noncontrolling interests, $697 to acquired intangible assets and $341 to net liabilities. We have call options to increase our ownership in Printi incrementally over a nine-year period with certain employee shareholders. As the employees' restricted stock in Printi is contingent on post-acquisition employment, share-based compensation will be recognized over the four-year vesting period. The awards are considered liability awards and will be marked to fair value each reporting period. In order to estimate the fair value of the award as of June 30, 2015, we utilized a lattice model with a Monte Carlo simulation. The current fair value of the award is $6,066 and we have recognized $1,405 in general and administrative expense for the year ended June 30, 2015 . VIE of Which We are Not the Primary Beneficiary Namex Limited In the fourth quarter of fiscal 2014, we disposed of our investment in Namex Limited and its related companies, as discussions with management identified different visions in the execution of the long-term strategic direction of the business. We sold all of our Namex shares to Namex's majority shareholder and recognized a loss of $12,681 , in other income (expense), net in our consolidated statement of operations for the year ended June 30, 2014. Prior to the sale, our investment was accounted for using the equity method, as the investment was considered a VIE and we were not the primary beneficiary. We recorded in net income a proportionate share of the earnings or losses of Namex, as well as related amortization, with a corresponding increase or decrease in the carrying value of the investment. For the years ended June 30, 2014 and 2013 we recorded a loss of $2,704 and $1,910 respectively, attributable to Namex in our consolidated statement of operations. |
Segment Information (Notes)
Segment Information (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information During the first quarter of fiscal 2015 we revised our internal management organizational and reporting structure to better align to our strategy of delivering mass customized products to multiple customer segments via various brands. Our operating segments are based upon our internal organization structure, 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. The CODM measures and evaluates the performance of our operating segments based on revenue and income (loss) from operations. We have identified several operating segments under our new management reporting structure which are reported in the following two reportable segments: • Vistaprint Business Unit - Aggregates the operations of our core Vistaprint-branded business in the North America, Europe, Australia and New Zealand markets, and our Webs-branded business, which is managed with the Vistaprint-branded digital business in the previously listed geographies. • All Other Business Units - Includes the operations of our Albumprinter, druck.at, Exagroup, Easyflyer, Printdeal, Pixartprinting, and Most of World business units. Our Most of World business unit is focused on our emerging market portfolio, including operations in Brazil, India and Japan. These business units have been combined into one reportable segment based on materiality. Consistent with our historical reporting, the cost of our global legal, human resource, finance, facilities management, software and manufacturing engineering, and the global component of our IT operations functions are generally not allocated to the reporting segments and are instead reported and disclosed under the caption "Corporate and global functions." Corporate and global functions is a cost center and does not meet the definition of an operating segment. During the fourth quarter of fiscal 2015, we transferred a group of software and manufacturing engineers from the corporate and global functions cost center to the Vistaprint Business Unit due to changes in our internal organizational structure. We have revised our presentation of all prior periods presented to reflect our revised segment reporting. There are no internal revenue transactions between our operating segments, and we do not allocate non-operating income to our segment results. All intersegment transfers are recorded at cost for presentation to the CODM, for example, we allocate costs related to products manufactured by our global network of production facilities to the applicable operating segment. There is no intercompany profit or loss recognized on these transactions. The following factors, among others, may limit the comparability of income from operations by segment: • We do not allocate support costs across operating segments or corporate and global functions. • Some of our recently acquired business units are burdened by the costs of their local finance, HR, and other administrative support functions, whereas other business units leverage our global functions and do not receive an allocation for these services. • Our All Other Business Units reporting segment includes our Most of World business unit, which has operating losses as it is in its early stage of investment relative to the scale of the underlying business. It also includes amortization of intangible assets resulting from our various acquisitions. Our balance sheet information is not presented to the CODM on an allocated basis, and therefore we do not present asset information by segment. Revenue by segment is based on the business unit-specific websites through which the customer’s order was transacted. The following tables set forth revenue and income from operations by reportable segment. Year Ended June 30, 2015 2014 2013 Revenue: Vistaprint Business Unit $ 1,194,393 $ 1,144,030 $ 1,091,900 All Other Business Units 299,813 126,206 75,578 Total revenue $ 1,494,206 $ 1,270,236 $ 1,167,478 Year Ended June 30, 2015 2014 2013 Income (loss) from operations: Vistaprint Business Unit $ 346,161 $ 314,255 $ 246,863 All Other Business Units (12,379 ) (17,930 ) (14,921 ) Corporate and global functions (237,458 ) (210,411 ) (185,818 ) Total income from operations $ 96,324 $ 85,914 $ 46,124 Year Ended June 30, 2015 2014 2013 Depreciation and amortization: Vistaprint Business Unit $ 40,075 $ 34,782 $ 34,789 All Other Business Units 39,797 19,154 12,460 Corporate and global functions 17,628 18,346 17,076 Total depreciation and amortization $ 97,500 $ 72,282 $ 64,325 Enterprise Wide Disclosures: The following tables set forth revenues by geographic area and groups of similar products and services: Year Ended June 30, 2015 2014 2013 United States $ 718,072 $ 653,216 $ 606,246 Non-United States (1) 776,134 617,020 561,232 Total revenue $ 1,494,206 $ 1,270,236 $ 1,167,478 Year Ended June 30, 2015 2014 2013 Physical printed products and other (2) $ 1,423,110 $ 1,189,905 $ 1,084,698 Digital products/services 71,096 80,331 82,780 Total revenue $ 1,494,206 $ 1,270,236 $ 1,167,478 ___________________ (1) Our non-United States revenue includes the Netherlands, our country of domicile. Revenue earned in any other individual country other than the United States was not greater than 10% of consolidated revenue for the periods presented. (2) Other revenue includes miscellaneous items which account for less than 1% of revenue. The following tables set forth long-lived assets by geographic area: June 30, June 30, Long-lived assets (3): Canada $ 99,474 $ 100,369 Netherlands 98,288 106,918 Switzerland 41,357 31,201 United States 31,417 30,920 Italy 28,548 20,356 Australia 26,908 35,367 Jamaica 23,814 25,431 France 21,449 — Japan 16,219 — Other 29,946 26,202 Total $ 417,420 $ 376,764 ___________________ (3) Excludes goodwill of $400,629 and $317,187 , intangible assets, net of $151,063 and $110,214 , project construction costs of $104,315 and $18,117 related to our Waltham lease, and deferred tax assets of $17,172 and $8,762 as of June 30, 2015 and 2014, respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments We have commitments under operating leases for our facilities that expire on various dates through 2026, including the Waltham lease arrangement discussed in Note 6. Total lease expense, net of sublease income for the years ended June 30, 2015 , 2014 and 2013 was $16,926 , $14,151 and $11,720 , respectively. We also lease certain machinery and plant equipment under both capital and operating lease agreements that expire at various dates through 2020. The aggregate carrying value of the leased equipment under capital leases included in property, plant and equipment, net in our consolidated balance sheet at June 30, 2015 , is $27,693 , net of accumulated depreciation of $4,681 ; the present value of lease installments not yet due included in other current liabilities and other liabilities in our consolidated balance sheet at June 30, 2015 amounts to $23,633 . Future minimum payments required for our lease obligations for the next five fiscal years and thereafter are as follows at June 30, 2015 : Operating lease obligations Build-to-suit lease obligations (1) Capital lease obligations 2016 $ 7,697 $ 10,475 $ 9,150 2017 6,169 12,569 7,083 2018 4,300 12,569 4,854 2019 3,775 12,569 2,419 2020 4,345 12,569 562 Thereafter 12,941 71,018 35 Total $ 39,227 $ 131,769 $ 24,103 ___________________ (1) Minimum payments relate to our Waltham lease obligation, please refer to Note 6 for additional details. Purchase Obligations At June 30, 2015 , we had unrecorded commitments under contract of $27,052 , which were principally composed of inventory purchase commitments of approximately $1,924 , production and computer equipment purchases of approximately $14,519 , and other unrecorded purchase commitments of $10,609 . Debt The required principal payments due during the next five years and thereafter under our outstanding long-term debt obligations (excluding our short-term uncommitted credit facility) at June 30, 2015 are as follows: 2016 $ 18,217 2017 17,995 2018 23,585 2019 78,995 2020 102,819 Thereafter 276,925 Total $ 518,536 Other Obligations We have an outstanding installment obligation of $13,325 related to the fiscal 2012 intra-entity transfer of the intellectual property of our subsidiary Webs, Inc., which results in tax being paid over a 7.5 year term and has been classified as a deferred tax liability in our consolidated balance sheet as of June 30, 2015 . Other obligations also include the remaining fixed contingent consideration payment related to our fiscal 2014 acquisition of Printdeal of $7,833 payable during the fourth quarter of fiscal 2016 and the deferred payment for our fiscal 2015 acquisition of druck.at of $2,980 . 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. In all cases, 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. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Data (unaudited) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarterly Financial Data (unaudited) Year Ended June 30, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 333,932 $ 439,905 $ 339,901 $ 380,468 Cost of revenue 130,221 156,620 125,540 156,218 Net income (loss) 23,417 62,862 7,925 (4,892 ) Net income (loss) attributable to Cimpress N.V. 23,694 63,609 8,611 (3,702 ) Net income (loss) per share attributable to Cimpress N.V.: Basic $ 0.73 $ 1.96 $ 0.26 $ (0.11 ) Diluted $ 0.71 $ 1.89 $ 0.25 $ (0.11 ) Year Ended June 30, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 275,089 $ 370,807 $ 286,185 $ 338,155 Cost of revenue 95,790 120,789 100,903 133,611 Net income 412 40,875 1,341 688 Net income attributable to Cimpress N.V. 412 40,875 1,375 1,034 Net income per share attributable to Cimpress N.V.: Basic $ 0.01 $ 1.24 $ 0.04 $ 0.03 Diluted $ 0.01 $ 1.18 $ 0.04 $ 0.03 Basic and diluted net income (loss) per share attributable to Cimpress N.V. are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net income per share. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Event Pursuant to the share repurchase authorization approved on December 11, 2014 we have purchased 1,027,625 of our ordinary shares subsequent to June 30, 2015 and through August 13, 2015 for a total cost of $69,751 , inclusive of transaction costs. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Cimpress N.V., 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 can exercise significant influence, but do not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investments in equity interests on the consolidated balance sheets. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our most significant estimates are associated with the ongoing evaluation of the recoverability of our long-lived assets and goodwill, estimated useful lives of assets, share-based compensation, accounting for business combinations, and income taxes and related valuation allowances, among others. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency Translation Our non-U.S. dollar functional currency subsidiaries translate their assets and liabilities denominated in their functional currency to U.S. dollars at current rates of exchange in effect at the balance sheet date, and revenues and expenses are translated at average rates prevailing throughout the period. The resulting gains and losses from translation are included as a component of accumulated other comprehensive (loss) income. Transaction gains and losses and remeasurement of assets and liabilities denominated in currencies other than an entity’s functional currency are included in other income (expense), net in our consolidated statements of operations. |
Net Income Per Share | Net Income Per Share Attributable to Cimpress N.V. Basic net income per share attributable to Cimpress N.V. is computed by dividing net income attributable to Cimpress N.V. by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net income per share attributable to Cimpress N.V. gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”) and restricted share awards ("RSAs"), 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: Year Ended June 30, 2015 2014 2013 Weighted average shares outstanding, basic 32,644,870 32,873,234 33,209,172 Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs 1,171,628 1,366,675 1,262,832 Shares used in computing diluted net income per share attributable to Cimpress N.V. 33,816,498 34,239,909 34,472,004 Weighted average anti-dilutive shares excluded from diluted net income per share attributable to Cimpress N.V. 289,356 953,100 1,740,542 |
Share-Based Compensation | Share-Based Compensation Compensation expense for all share-based awards expected to vest is measured at fair value on the date of grant and recognized over the requisite service period. The fair value of share options is determined using the Black-Scholes valuation model, or lattice model for share options with a market condition or subsidiary share options, and the fair value of RSUs and RSAs is determined based on the number of shares granted and the quoted price of our ordinary shares on the date of the grant. Such value is recognized ratably as expense over the requisite service period, or on an accelerated method for awards with a performance or market condition, net of estimated forfeitures. For awards that are ultimately settable in cash, we treat as liability awards and mark the award to market each reporting period recognizing any gain or loss in our statements of operations. The estimation of share awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. We consider many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. For awards with a performance condition vesting feature, compensation cost is recorded if it is probable that the performance condition will be achieved. |
Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-03,"Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs," (ASU 2015-03), which requires an entity to present debt issuance costs related to recognized debt liability in the balance sheet as a direct deduction from the carrying amount of that debt liability. The new standard is effective for us on July 1, 2016 and early adoption is permitted. The standard requires the application on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of the standard. We do not expect it to have a material impact on our consolidated financial statements. In February 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-02,"Consolidation (Topic 810): Amendments to the Consolidation Analysis," (ASU 2015-02) which places more emphasis in the consolidation evaluation on variable interests other than fee arrangements such as principal investment risk (for example, debt or equity interests), guarantees of the value of the assets or liabilities of the VIE, written put options on the assets of the VIE, or similar obligations. The new standard is effective for us on July 1, 2016. The standard permits early adoption and the use of a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. We are currently evaluating the effect ASU 2015-02 will have on our consolidated financial statements but do not expect it to have a material impact. In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09,"Revenue from Contracts with Customers," (ASU 2014-09) which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The FASB has elected to defer the effective date to fiscal years beginning after December 15, 2017, which would result in an effective date for us of July 1, 2018, with early application permitted to one year earlier. The standard permits the use of either the retrospective or cumulative catch-up transition method. We are currently evaluating the adoption method and effect that ASU 2014-09 will have on our consolidated financial statements but do not expect it to have a material impact. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be the equivalent of cash for the purpose of balance sheet and statement of cash flows presentation. Cash equivalents consist of depository accounts and money market funds. Cash and cash equivalents restricted for use were $543 and $823 as of June 30, 2015 and 2014, respectively, and are included in other assets in the accompanying consolidated balance sheets. |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities We determine the appropriate classification of marketable securities at the date of purchase and reevaluate the classification at each balance sheet date. Our marketable securities are classified as "available-for-sale" and carried at fair value, with the unrealized gains and losses, net of taxes if applicable, reported as a separate component of accumulated other comprehensive (loss) income. We review our investments for other-than-temporary impairment whenever the fair value of the investment is less than the amortized cost and evidence indicates that the investment's carrying amount is not recoverable within a reasonable period of time. Any decline in value that is determined to be other than temporary is recognized as expense in our consolidated statement of operations in the period the impairment is identified. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Accounts receivable includes amounts due from customers and partners. We offset gross trade accounts receivable with an allowance for doubtful accounts, which is our best estimate of the amount of probable credit losses in existing accounts receivable. Account balances are charged off against the allowance when the potential for recovery is no longer reasonably assured. |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of raw materials and are recorded at the lower of cost or market value using the first-in, first-out method. Costs to produce free products are included in cost of revenues as incurred. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Additions and improvements that substantially extend the useful life of a particular asset are capitalized while repairs and maintenance costs are expensed as incurred. Assets that qualify for the capitalization of interest cost during their construction period are evaluated on a per project basis and, if material, the costs are capitalized. No interest costs associated with our construction projects were capitalized in fiscal 2015 or 2014 as the amounts were not material. Depreciation of plant and equipment is recorded on a straight-line basis over the estimated useful lives of the assets. |
Lease, Policy [Policy Text Block] | Leases We categorize leases at their inception as either operating or capital leases. Costs for operating leases that include incentives such as payment escalations or rent abatements are recognized on a straight-line basis over the term of the lease. Additionally, inducements received are treated as a reduction of our costs over the term of the agreement. Leasehold improvements are capitalized at cost and amortized over the shorter of their expected useful life or the life of the lease, excluding renewal periods. Capital leases are accounted for as an acquisition of an asset and incurrence of an obligation. Assets held under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease, and amortized over the useful life of the asset. The corresponding capital lease obligation is recorded at the present value of the minimum lease payments at inception of the lease. For further information on our outstanding capital lease assets and obligations please refer to Note 18 Commitments and Contingencies. For lease arrangements where we are deemed to be involved in the construction of structural improvements prior to the commencement of the lease or take some level of construction risk, we are considered the owner of the assets during the construction period. Accordingly, as the lessor incurs the construction project costs, the assets and corresponding financial obligation are recorded in our consolidated balance sheet. Once the construction is completed, if the lease meets certain “sale-leaseback” criteria, we will remove the asset and related financial obligation from the balance sheet and treat the building lease as either an operating or capital lease based on our assessment of the guidance. If upon completion of construction, the project does not meet the “sale-leaseback” criteria, the lease will be treated as a financing obligation and we will depreciate the asset over its estimated useful life for financial reporting purposes. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets We capitalize the costs of purchasing patents from unrelated third parties and amortize these costs over the estimated useful life of the patent. The costs related to patent applications, pursuing others who we believe infringe on our patents, and defending against patent-infringement claims are expensed as incurred. We record acquired intangible assets at fair value on the date of acquisition and amortize such assets using the straight-line method over the expected useful life of the asset, unless another amortization method is deemed to be more appropriate. We evaluate the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. If the estimate of an intangible asset’s remaining useful life is changed, we amortize the remaining carrying value of the intangible asset prospectively over the revised remaining useful life. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets Long-lived assets with a finite life are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets used in operations, impairment losses are only recorded if the asset’s carrying amount is not recoverable through its undiscounted, probability-weighted future cash flows. We measure the impairment loss based on the difference between the carrying amount and estimated fair value. Long-lived assets are considered held for sale when certain criteria are met, including when management has committed to a plan to sell the asset, the asset is available for sale in its immediate condition, and the sale is probable within one year of the reporting date. Assets held for sale are reported at the lower of cost or fair value less costs to sell. At June 30, 2015 , we had a building with a carrying value of $1,913 that met the asset held for sale criteria and as such we have classified the asset in other current assets in the consolidated balance sheet. We did not have any assets held for sale as of June 30, 2014 . No material impairment charges were recorded for the years ended June 30, 2015 , 2014 or 2013 . |
Business Combinations Policy [Policy Text Block] | Business Combinations We recognize the assets acquired and liabilities assumed in business combinations on the basis of their fair values at the date of acquisition. We assess the fair value of assets, including intangible assets, using a variety of methods and each asset is measured at fair value from the perspective of a market participant. The method used to estimate the fair values of intangible assets incorporates significant assumptions regarding the estimates a market participant would make in order to evaluate an asset, including a market participant’s use of the asset and the appropriate discount rates for a market participant. Assets recorded from the perspective of a market participant that are determined to not have economic use for us are expensed immediately. Any excess purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Transaction costs and restructuring costs associated with a business combination are expensed as incurred. The consideration for our acquisitions often includes future payments that are contingent upon the occurrence of a particular event. For acquisitions that qualify as business combinations, we record an obligation for such contingent payments at fair value on the acquisition date. We estimate the fair value of contingent consideration obligations through valuation models that incorporate probability adjusted assumptions related to the achievement of the milestones and thus likelihood of making related payments. We revalue these contingent consideration obligations each reporting period. Changes in the fair value of our contingent consideration obligations are recognized within general and administrative expense in our consolidated statements of operations. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The evaluation of goodwill for impairment is performed at a level referred to as a reporting unit. A reporting unit is either the “operating segment level” or one level below, which is referred to as a “component.” The level at which the impairment test is performed requires an assessment as to whether the operations below the operating segment should be aggregated as one reporting unit due to their similarity or reviewed individually. Goodwill is evaluated for impairment on an annual basis during the fiscal third quarter or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is considered to be impaired when the carrying amount of a reporting unit exceeds its estimated fair value. We have the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the results of this analysis indicate that the fair value of a reporting unit is less than its carrying value, the quantitative impairment test is required; otherwise, no further assessment is necessary. To perform the quantitative approach, we estimate the fair value of our reporting units using a discounted cash flow methodology. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then a second step of the impairment test is performed in order to determine the implied fair value of our reporting unit’s goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, then we would record an impairment loss equal to the difference. For our annual impairment test as of January 1, 2015, we evaluated each of our five reporting units with goodwill individually. We considered the timing of our most recent fair value assessment and associated headroom, the actual operating results as compared to the cash flow forecasts used in those fair value assessments, the current long-term forecasts for each reporting unit, and the general market and economic environment of each reporting unit. Our qualitative assessment for fiscal 2015 determined that there was no indication that the carrying value of any of our reporting units exceeded its fair value. There have been no indications of impairment that would require an updated analysis as of June 30, 2015. |
Internal Use Software, Policy [Policy Text Block] | Software and Web Site Development Costs We capitalize eligible salaries and payroll-related costs of employees who devote time to the development of websites and internal-use computer software. Capitalization begins when the preliminary project stage is complete, management with the relevant authority authorizes and commits to the funding of the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. These costs are amortized on a straight-line basis over the estimated useful life of the software. Costs associated with preliminary stage software development, repair, maintenance or the development of website content are expensed as incurred. Amortization of previously capitalized amounts in the years ended June 30, 2015 , 2014 and 2013 was $8,666 , $4,985 and $3,118 , respectively, resulting in accumulated amortization of $21,608 and $13,538 at June 30, 2015 and 2014, respectively. |
Debt, Policy [Policy Text Block] | Debt Issuance Costs Expenses associated with the issuance of debt instruments are capitalized and are amortized over the terms of the respective financing arrangement using the effective interest method, or on a straight-line basis through the maturity date for our revolving credit facility. During the years ended June 30, 2015 and 2014 , we capitalized debt issuance costs related to our senior secured credit facility and senior unsecured notes of $6,229 and $1,319 , respectively. Amortization and write-off of these costs is included in interest expense, net in the consolidated statements of operations and amounted to $1,272 , $765 and $556 , for the years ended June 30, 2015 , 2014 and 2013 , respectively. Unamortized debt issuance costs were $8,447 and $3,490 as of June 30, 2015 and 2014 , respectively. When we make changes to our financing arrangements, we re-evaluate the capitalization of these costs which could result in the immediate recognition of any unamortized debt issuance costs in our statement of operations |
Equity Method Investments, Policy [Policy Text Block] | Investments in Equity Interests We record our share of the results of investments in equity interests and any related amortization, within loss in equity interests on the consolidated statements of operations. We review our investments for other-than-temporary impairment whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. Investments identified as having an indication of impairment are subject to further analysis to determine if the impairment is other-than-temporary and this analysis requires estimating the fair value of the investment, which involves considering factors such as comparable valuations of public companies similar to the entity in which we have an equity investment, current economic and market conditions, the operating performance of the entities including current earnings trends and forecasted cash flows, and other entity and industry specific information. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments We record all derivatives on the consolidated balance sheet at fair value. We apply hedge accounting to arrangements that qualify and are designated for hedge accounting treatment, which includes cash flow and net investment hedges. Hedge accounting is discontinued prospectively if the hedging relationship ceases to be effective or the hedging or hedged items cease to exist as a result of maturity, sale, termination or cancellation. Derivatives designated and qualifying as hedges of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges which could include interest rate swap contracts and forward currency contracts. In a cash flow hedging relationship, the effective portion of the change in the fair value of the hedging derivative is initially recorded in accumulated other comprehensive (loss) income, while any ineffective portion is recognized directly in earnings, as a component of other income (expense). The portion of gain or loss on the derivative instrument previously recorded in accumulated other comprehensive (loss) income remains in accumulated other comprehensive (loss) income until the forecasted transaction is recognized in earnings. Derivatives designated and qualifying as hedges of currency exposure of a net investment in a foreign operation, are considered net investment hedges which could include cross-currency swap contracts. In hedging the currency exposure of a net investment in a foreign operation, the effective portion of gains and losses on the hedging instruments is recognized in accumulated other comprehensive (loss) income as part of currency translation adjustment, while any ineffective portion is recognized directly in earnings, as a component of other income (expense). The portion of gain or loss on the derivative instrument previously recorded in accumulated other comprehensive (loss) income remains in accumulated other comprehensive (loss) income until we reduce our investment in the hedged foreign operation through a sale or substantial liquidation. We also enter into derivative contracts that are intended to economically hedge certain of our risks, even though we may not elect to apply hedge accounting or the instrument may not qualify for hedge accounting. When hedge accounting is not applied, the changes in the fair value of the derivatives are recorded directly in earnings as a component of other income (expense), net. In accordance with the fair value measurement guidance, our accounting policy is to measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. We execute our derivative instruments with financial institutions that we judge to be credit-worthy, defined as institutions that hold an investment grade credit rating. |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Restructuring costs are recorded in connection with initiatives designed to improve efficiency or enhance competitiveness. Restructuring initiatives require us to make estimates in several areas, including expenses for severance and other employee separation costs and our ability to generate sublease income to enable us to terminate lease obligations at the estimated amounts. One-time termination benefits are expensed at the date we notify the employee, unless the employee must provide future service beyond the statutory minimum retention period, in which case the benefits are expensed ratably over the future service period. Liabilities for costs associated with a facility exit or disposal activity are recognized when the liability is incurred, as opposed to when management commits to an exit plan, and are measured at fair value. Restructuring costs are included as a component of each related operating expense within our consolidated statement of operations. We recognized $3,202 and $5,980 in restructuring related expenses for the years ended June 30, 2015 and 2014, respectively. There were no such charges during the year ended June 30, 2013. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income (loss) is composed of net income, unrealized gains and losses on marketable securities and derivatives, unrealized loss on pension benefit obligation, and cumulative foreign currency translation adjustments, which are included in the accompanying consolidated statements of comprehensive income. |
Treasury Shares Accounting Method [Policy Text Block] | Treasury Shares Treasury shares are accounted for using the cost method and are included as a component of shareholders' equity. We reissue treasury shares as part of our share-based compensation programs, and upon issuance we determine the cost using the average cost method. Effective January 28, 2013, 5,869,662 of our ordinary shares issued and held in our treasury account were canceled and have become authorized but unissued ordinary shares, as authorized by our shareholders on November 8, 2012. These canceled shares represent the remaining balance as of November 8, 2012 of the ordinary shares that were held in treasury at the date of the redomiciliation of our publicly traded parent company from Bermuda to the Netherlands in August 2009. The cancellation of the treasury shares resulted in a reduction of additional paid in capital and retained earnings for the year ended June 30, 2013. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition We generate revenue primarily from the sale and shipping of customized manufactured products, as well as providing digital services, website design and hosting, email marketing services, order referral fees and other third party offerings. We recognize revenue arising from sales of products and services when we have persuasive evidence of an arrangement, the product has been shipped or service rendered with no significant post-delivery obligations on our part, the net sales price is fixed or determinable and collectability is reasonably assured. For subscription services we recognize revenue for the fees charged to customers ratably over the term of the service arrangement. Revenue is recognized net of discounts we offer to our customers as part of advertising campaigns. Revenue from sales of prepaid orders on our websites are deferred until shipment of fulfilled orders or until the prepaid service has been rendered. For arrangements with multiple deliverables, we allocate revenue to each deliverable if the delivered item(s) has value to the customer on a standalone basis and, if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item(s) is considered probable and substantially within our control. The stand-alone selling price for a deliverable is determined using a hierarchy of (1) Company specific objective and reliable evidence, then (2) third-party evidence, then (3) best estimate of selling price. We allocate total arrangement fee to each of the deliverables based on their relative stand-alone selling prices. Shipping, handling and processing costs billed to customers are included in revenue and the related costs are included in cost of revenue at the time of shipment or rendering of service. Sales and purchases in jurisdictions which are subject to indirect taxes, such as value added tax (“VAT”), are recorded net of tax collected and paid as we act as an agent for the government. For promotions through discount voucher websites, we recognize revenue on a gross basis, as we are the primary obligor, when redeemed items are shipped. As the vouchers do not expire, any unredeemed vouchers are recorded as deferred revenue. We recognize revenue on the portion of unredeemed vouchers when the likelihood of redemption becomes remote (referred to as "breakage") and we determine there is no legal obligation to remit the value of the unredeemed coupons to government agencies. We estimate the breakage rate based upon the pattern of historical redemptions. Prior to the fourth quarter of fiscal 2015, we did not have sufficient historical data to reasonably estimate breakage and, therefore, did not recognize any breakage revenue. During the fourth quarter of fiscal 2015, we concluded that we have now accumulated sufficient historical data from a large pool of homogeneous transactions to allow us to reasonably and objectively determine an estimated pattern of historical redemptions in accordance with our accounting policy. Accordingly, we recognized $3,997 of breakage revenue during the quarter as a result of this change in estimate and our basic and diluted earnings per share for fiscal 2015 increased by $0.12 . We will apply this approach prospectively for future unredeemed voucher activity. A reserve for sales returns or replacements and allowances is recorded based on historical experience or specific identification of an event necessitating a reserve. |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Advertising Expense Advertising costs are expensed as incurred and included in marketing and selling expense. Advertising expense for the years ended June 30, 2015 , 2014 and 2013 was $286,132 , $267,655 and $287,167 , respectively, which consisted of external costs related to customer acquisition and retention marketing campaigns. |
Income Tax, Policy [Policy Text Block] | Income Taxes As part of the process of preparing our consolidated financial statements, we estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our current tax expense and deferred tax expense based on assessing temporary and permanent differences resulting from differing treatment of items for tax and financial reporting purposes. We recognize deferred tax assets and liabilities for the temporary differences using the enacted tax rates and laws that will be in effect when we expect temporary differences to reverse. We assess the ability to realize our deferred tax assets based upon the weight of available evidence both positive and negative. To the extent we believe that it is more likely than not that some portion or all of the deferred tax assets will not be realized, we establish a valuation allowance. In the event that actual results differ from our estimates or we adjust our estimates in the future, we may need to increase or decrease income tax expense, which could have a material impact on our financial position and results of operations. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the tax position. The tax benefits recognized in our financial statements from such positions are measured as the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The unrecognized tax benefits will reduce our effective tax rate if recognized. Interest and, if applicable, penalties related to unrecognized tax benefits are recorded in the provision for income taxes. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Research and development costs are expensed as incurred and included in technology and development expense. Research and development expense for the years ended June 30, 2015 , 2014 and 2013 was $30,849 , $26,423 and $24,690 , respectively, which consisted of costs related to enhancing our manufacturing engineering and technology capabilities. |
Sabbatical Leave [Policy Text Block] | Sabbatical Leave Compensation expense associated with a sabbatical leave, or other similar benefit arrangements, is accrued over the requisite service period during which an employee earns the benefit, net of estimated forfeitures, and is included in other liabilities on our consolidated balance sheets. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk We monitor the creditworthiness of our customers to which we grant credit terms in the normal course of business. We had one channel partner that represented 13% and 24% of our total accounts receivable as of June 30, 2015 and 2014 , respectively. We do not have any customers that accounted for greater than 10% of our revenue for the years ended June 30, 2015 , 2014 or 2013 . We maintain an allowance for doubtful accounts for potential credit losses based upon specific customer accounts and historical trends, and such losses to date in the aggregate have not materially exceeded our expectations. |
Other Income (expense), net [Policy Text Block] | Other Income (expense), net The following table summarizes the components of other income (expense), net: Year Ended June 30, 2015 2014 2013 Gains (losses) on derivative instruments (1) $ 9,317 $ (7,473 ) $ 29 Currency related gains (losses), net (2) 10,245 (1,764 ) (92 ) Loss on disposal of Namex — (12,681 ) — Other gains (losses) 572 288 — Total other income (expense), net $ 20,134 $ (21,630 ) $ (63 ) _____________________ (1) Includes both realized and unrealized gains (losses) on derivative instruments. (2) We have significant non-functional currency intercompany financing relationships subject to currency exchange rate volatility primarily due to changes in our corporate entity operating structure, effective October 1, 2013, which required us to alter our intercompany transactional and financing activities. The net currency related gains for the year ended June 30, 2015 are partially driven by this intercompany activity. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Other income (expense), net [Table Text Block] | Year Ended June 30, 2015 2014 2013 Gains (losses) on derivative instruments (1) $ 9,317 $ (7,473 ) $ 29 Currency related gains (losses), net (2) 10,245 (1,764 ) (92 ) Loss on disposal of Namex — (12,681 ) — Other gains (losses) 572 288 — Total other income (expense), net $ 20,134 $ (21,630 ) $ (63 ) _____________________ (1) Includes both realized and unrealized gains (losses) on derivative instruments. (2) We have significant non-functional currency intercompany financing relationships subject to currency exchange rate volatility primarily due to changes in our corporate entity operating structure, effective October 1, 2013, which required us to alter our intercompany transactional and financing activities. The net currency related gains for the year ended June 30, 2015 are partially driven by this intercompany activity. |
Schedule of weighted-average number of shares | The following table sets forth the reconciliation of the weighted-average number of ordinary shares: Year Ended June 30, 2015 2014 2013 Weighted average shares outstanding, basic 32,644,870 32,873,234 33,209,172 Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs 1,171,628 1,366,675 1,262,832 Shares used in computing diluted net income per share attributable to Cimpress N.V. 33,816,498 34,239,909 34,472,004 Weighted average anti-dilutive shares excluded from diluted net income per share attributable to Cimpress N.V. 289,356 953,100 1,740,542 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of available for sale securities | The following table summarizes our investments in available-for-sale securities: June 30, 2015 Amortized Cost Basis Unrealized gain Estimated Fair Value Available-for-sale securities Plaza Create Co. Ltd. common shares (1) $ 3,939 $ 2,971 $ 6,910 Total investments in available-for-sale securities $ 3,939 $ 2,971 $ 6,910 June 30, 2014 Amortized Cost Basis Unrealized gain Estimated Fair Value Available-for-sale securities Plaza Create Co. Ltd. common shares (1) $ 4,611 $ 9,246 $ 13,857 Total investments in available-for-sale securities $ 4,611 $ 9,246 $ 13,857 ________________________ (1) On February 28, 2014, we purchased shares in our publicly traded Japanese joint venture partner. Refer to Note 15 for further discussion of the separate joint business arrangement. |
Fair value of financial assets | The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: June 30, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available-for-sale securities $ 6,910 $ 6,910 $ — $ — Currency forward contracts 1,902 — 1,902 — Total assets recorded at fair value $ 8,812 $ 6,910 $ 1,902 $ — Liabilities Interest rate swap contracts $ (1,150 ) $ — $ (1,150 ) $ — Cross-currency swap contracts (8,433 ) — (8,433 ) — Currency forward contracts (407 ) — (407 ) — Contingent consideration (7,833 ) — — (7,833 ) Total liabilities recorded at fair value $ (17,823 ) $ — $ (9,990 ) $ (7,833 ) June 30, 2014 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available-for-sale securities $ 13,857 $ 13,857 $ — $ — Currency forward contracts 382 — 382 — Total assets recorded at fair value $ 14,239 $ 13,857 $ 382 $ — Liabilities Interest rate swap contracts $ (745 ) $ — $ (745 ) $ — Currency forward contracts (806 ) — (806 ) — Contingent consideration (16,072 ) — — (16,072 ) Total liabilities recorded at fair value $ (17,623 ) $ — $ (1,551 ) $ (16,072 ) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table represents the changes in fair value of Level 3 contingent consideration: Total contingent consideration Balance at June 30, 2013 $ — Fair value at acquisition date 14,006 Fair value adjustment 2,192 Foreign currency impact (126 ) Balance at June 30, 2014 (1) $ 16,072 Fair value adjustment 14,890 Cash payments (19,160 ) Foreign currency impact (3,969 ) Balance at June 30, 2015 (1) $ 7,833 |
Derivative Financial Instrume31
Derivative Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments [Table Text Block] | As of June 30, 2015 , we had eight outstanding interest rate swap contracts indexed to one-month LIBOR . These instruments include seven interest rate swap contracts that were designated and one interest rate swap contract that was de-designated as a cash flow hedge of interest rate risk and have varying start dates and maturity dates from July 2015 through June 2019. Since the start date of certain contracts has not yet commenced and contracts have been de-designated, the notional amount of our outstanding contracts is in excess of the variable-rate debt being hedged as of the balance sheet date. Interest rate swap contracts outstanding: Notional Amounts Contracts accruing interest as of June 30, 2015 $ 240,000 Contracts with a future start date 65,000 Total $ 305,000 As of June 30, 2015 , we had the following outstanding currency forward contracts that were not designated for hedge accounting and were used to hedge fluctuations in the U.S. Dollar value of forecasted transactions denominated in Australian Dollar, Canadian Dollar, Danish Krone, Euro, Great British Pound, Indian Rupee, New Zealand Dollar, Norwegian Krone, Swedish Krona, and Swiss Franc: Notional Amount Effective Date Maturity Date Number of Instruments Index $285,770 September 2014 through June 2015 Various dates through December 2016 436 Various |
Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of June 30, 2015 and 2014: June 30, 2015 Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Balance Sheet line item Gross amounts of recognized assets Gross amount offset in consolidated balance sheet Net amount Balance Sheet line item Gross amounts of recognized liabilities Gross amount offset in consolidated balance sheet Net amount Interest rate swaps Other non-current assets $ — $ — $ — Other current liabilities / other liabilities $ (1,087 ) $ — $ (1,087 ) Cross-currency swaps Other non-current assets — — — Other liabilities (8,433 ) — (8,433 ) Total derivatives designated as hedging instruments $ — $ — $ — $ (9,520 ) $ — $ (9,520 ) Derivatives not designated as hedging instruments Interest rate swaps Other non-current assets $ — $ — $ — Other liabilities $ (63 ) $ — $ (63 ) Currency forward contracts Other current assets / other assets 3,256 (1,354 ) 1,902 Other current liabilities / other liabilities (1,792 ) 1,385 (407 ) Total derivatives not designated as hedging instruments $ 3,256 $ (1,354 ) $ 1,902 $ (1,855 ) $ 1,385 $ (470 ) June 30, 2014 Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Balance Sheet line item Gross amounts of recognized assets Gross amount offset in consolidated balance sheet Net amount Balance Sheet line item Gross amounts of recognized liabilities Gross amount offset in consolidated balance sheet Net amount Interest rate swaps Other non-current assets $ — $ — $ — Other current liabilities / other liabilities $ (771 ) $ 26 $ (745 ) Total derivatives designated as hedging instruments $ — $ — $ — $ (771 ) $ 26 $ (745 ) Derivatives not designated as hedging instruments Currency forward contracts Other current assets $ 410 $ (28 ) $ 382 Other current liabilities $ (1,058 ) $ 252 $ (806 ) Total derivatives not designated as hedging instruments $ 410 $ (28 ) $ 382 $ (1,058 ) $ 252 $ (806 ) |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive income (loss) for the years ended June 30, 2015, 2014 and 2013: Derivatives in Hedging Relationships Amount of Gain (Loss) Recognized in Comprehensive (Loss) Income on Derivatives (Effective Portion) Year Ended June 30, In thousands 2015 2014 2013 Currency contracts that hedge revenue — (107 ) 280 Currency contracts that hedge cost of revenue — 59 (263 ) Currency contracts that hedge technology and development expense — 70 80 Currency contracts that hedge general and administrative expense — 12 (1 ) Interest rate swaps (1,417 ) (1,319 ) 387 Cross-currency swaps (7,779 ) — — $ (9,196 ) $ (1,285 ) $ 483 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents reclassifications out of accumulated other comprehensive (loss) income for the years ended June 30, 2015, 2014 and 2013: Details about Accumulated Other Comprehensive (Loss) Income Components Amount Reclassified from Accumulated Other Comprehensive (Loss) Income to Net Income Gain/(Loss) Affected line item in the Statement of Operations Year Ended June 30, In thousands 2015 2014 2013 Currency contracts that hedge revenue $ — $ (120 ) $ 293 Revenue Currency contracts that hedge cost of revenue — (112 ) (92 ) Cost of revenue Currency contracts that hedge technology and development expense — 122 27 Technology and development expense Currency contracts that hedge general and administrative expense — 11 1 General and administrative expense Interest rate swaps (1,087 ) (372 ) 189 Interest expense, net Total before income tax (1,087 ) (471 ) 418 Income (loss) before income taxes and loss in equity interests Income tax 272 75 (21 ) Income tax provision Total $ (815 ) $ (396 ) $ 397 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the adjustment to fair value recorded within the consolidated statements of operations for derivative instruments for which we did not elect hedge accounting, as well as the effect of our de-designated derivative financial instruments that no longer qualify as hedging instruments in the period: Derivatives not classified as hedging instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income (Ineffective Portion) Year Ended June 30, In thousands 2015 2014 2013 Currency contracts $ 9,370 $ (7,473 ) $ 29 Other income (expense), net Interest rate swaps (53 ) — — Other income (expense), net $ 9,317 $ (7,473 ) $ 29 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | The following table presents a roll forward of amounts recognized in accumulated other comprehensive (loss) income by component, net of tax of $195 and $218 , for the years ended June 30, 2015 and June 30, 2014, respectively: Gains (losses) on cash flow hedges Gains (losses) on available for sale securities Losses on pension benefit obligation Translation adjustments, net of hedges (1) Total Balance as of June 30, 2013 $ 86 $ — $ — $ (11,642 ) $ (11,556 ) Other comprehensive (loss) income before reclassifications (1,285 ) 9,246 (2,724 ) 8,036 13,273 Amounts reclassified from accumulated other comprehensive (loss) income to net income 396 — — — 396 Net current period other comprehensive (loss) income (889 ) 9,246 (2,724 ) 8,036 13,669 Balance as of June 30, 2014 (803 ) 9,246 (2,724 ) (3,606 ) 2,113 Other comprehensive (loss) income before reclassifications (1,417 ) (6,275 ) (388 ) (93,757 ) (101,837 ) Amounts reclassified from accumulated other comprehensive (loss) income to net income 815 — — — 815 Net current period other comprehensive (loss) income (602 ) (6,275 ) (388 ) (93,757 ) (101,022 ) Balance as of June 30, 2015 $ (1,405 ) $ 2,971 $ (3,112 ) $ (97,363 ) $ (98,909 ) |
Property, Plant and Equipment33
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consists of the following: June 30, Estimated useful lives 2015 2014 Land improvements 10 years $ 2,146 $ 2,382 Building and building improvements 10 - 30 years 162,468 144,658 Machinery and production equipment 4 - 10 years 251,366 229,927 Machinery and production equipment under capital lease 4 - 10 years 27,693 13,513 Computer software and equipment 3 - 5 years 125,520 112,815 Furniture, fixtures and office equipment 5 - 7 years 22,957 21,780 Leasehold improvements Shorter of lease term or expected life of the asset 36,747 28,327 Construction in progress 138,582 59,627 767,479 613,029 Less accumulated depreciation, inclusive of assets under capital lease (331,209 ) (293,145 ) 436,270 319,884 Land 31,241 32,337 Property, plant, and equipment, net $ 467,511 $ 352,221 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The excess of the purchase price paid over the fair value of Exagroup's net assets was recorded as goodwill, which is primarily attributable to cost synergies expected from manufacturing and tax efficiency opportunities, as well as the value of the workforce of Exagroup. Goodwill is not expected to be deductible for tax purposes, and has been attributed to our All Other Business Units reportable segment. The fair value of the assets acquired and liabilities assumed was: Weighted Average Amount Useful Life in Years Tangible assets acquired and liabilities assumed: Cash and cash equivalents $ 18,991 n/a Other current assets (1) 14,318 n/a Non-current assets 18,711 n/a Accounts payable and other current liabilities (21,008 ) n/a Deferred tax liability (21,655 ) n/a Other long term liabilities (9,966 ) n/a Identifiable intangible assets: Customer relationships 35,434 7-9 Trade name 11,900 10-14 Developed technology 9,669 3 Noncontrolling interest (43,354 ) Goodwill 88,804 n/a Total purchase price $ 101,844 (1) Includes real estate assets classified as held for sale of $1,971 . | |
Pixartprinting S.p.A [Member] | ||
Business Acquisition [Line Items] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash paid $ 175,896 Shareholder loans assumed 20,227 Fair value of contingent consideration 4,953 Total consideration $ 201,076 The excess of the purchase price paid over the fair value of Pixartprinting’s net assets was recorded as goodwill, which is primarily attributable to expected synergies and the value of the workforce of Pixartprinting. Goodwill is not expected to be deductible for tax purposes, and has been attributed to our All Other Business Units reportable segment. The fair value of the assets acquired and liabilities assumed was: Weighted Average Amount Useful Life in Years Tangible assets acquired and liabilities assumed: Cash and cash equivalents $ 6,913 n/a Other current assets 5,601 n/a Non-current assets 20,582 n/a Accounts payable and other current liabilities (17,681 ) n/a Deferred tax liability (20,640 ) n/a Other long-term liabilities (9,943 ) n/a Identifiable intangible assets: Customer relationships 42,375 6 Trade name 16,372 10 Developed technology 8,943 3 Noncontrolling interest (5,728 ) Goodwill 154,282 n/a Total purchase price $ 201,076 | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The table below details the consideration transferred to acquire Pixartprinting: Cash paid $ 175,896 Shareholder loans assumed 20,227 Fair value of contingent consideration 4,953 Total consideration $ 201,076 | |
Exagroup SAS [Member] | ||
Business Acquisition [Line Items] | ||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The table below details the consideration transferred to acquire Exagroup: Cash paid $ 97,012 Working capital and debt adjustment 4,832 Total consideration $ 101,844 |
Goodwill and Acquired Intangi35
Goodwill and Acquired Intangible Assets Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated intangible assets amortization expense for each of the five succeeding fiscal years is as follows: 2016 $ 33,351 2017 25,329 2018 21,680 2019 16,469 2020 13,471 $ 110,300 |
Schedule of Acquired Indefinite-lived Intangible Assets by Major Class [Table Text Block] | Acquired Intangible Assets June 30, 2015 June 30, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade Name $ 45,743 $ (7,581 ) $ 38,162 $ 32,092 $ (4,495 ) $ 27,597 Developed Technology 33,270 (15,466 ) 17,804 27,205 (13,404 ) 13,801 Customer Relationships 114,616 (21,966 ) 92,650 77,774 (12,164 ) 65,610 Customer Network 4,829 (2,382 ) 2,447 4,876 (1,670 ) 3,206 Total Intangible Assets $ 198,458 $ (47,395 ) $ 151,063 $ 141,947 $ (31,733 ) $ 110,214 Acquired intangible assets amortization expense for the years ended June 30, 2015, 2014 and 2013 was $24,264 , $12,723 and $10,778 , respectively. Estimated intangible assets amortization expense for each of the five succeeding fiscal years is as follows: |
Schedule of goodwill | The carrying amount of goodwill by segment as of June 30, 2014 and June 30, 2015 is as follows: Vistaprint Business Unit All Other Business Units Total Balance as of June 30, 2013 (1) $ 135,122 $ 5,771 $ 140,893 Acquisitions (2) — 174,887 174,887 Effect of currency translation adjustments (3) 2,885 (1,478 ) 1,407 Balance as of June 30, 2014 (1) 138,007 179,180 317,187 Acquisitions (2) — 122,319 122,319 Adjustments — (113 ) (113 ) Effect of currency translation adjustments (3) (9,353 ) (29,411 ) (38,764 ) Balance as of June 30, 2015 $ 128,654 $ 271,975 $ 400,629 _________________ (1) Our segment reporting has been revised as of July 1, 2014 and, as such, we have re-allocated our goodwill by segment for the periods ended June 30, 2014 and 2013. See Note 17 for additional details. (2) See Notes 8 and 16 for additional details. (3) Relates to goodwill held by subsidiaries whose functional currency is not the U.S. Dollar. |
Other Balance Sheet Component36
Other Balance Sheet Components (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Other Current Liabilities [Table Text Block] | Other current liabilities included the following: June 30, 2015 June 30, 2014 Short-term portion of lease financing obligation $ 10,475 $ — Short-term capital lease obligations 7,497 — Other 3,498 888 Total other current liabilities $ 21,470 $ 888 |
Accrued expenses | Accrued expenses included the following: June 30, 2015 June 30, 2014 Compensation costs (1) $ 62,759 $ 46,375 Income and indirect taxes 25,495 23,190 Advertising costs 20,275 19,299 Acquisition-related consideration payable (2) 17,400 6,276 Interest 5,731 375 Shipping costs 2,471 4,104 Purchases of property, plant and equipment 3,030 3,687 Professional costs 2,396 2,224 Other (3) 33,269 15,647 Total accrued expenses $ 172,826 $ 121,177 _____________________ (1) The increase in compensation costs is primarily due to an increase in accrued bonus and long-term incentive payments of $10,097 , as well as an increase of $4,282 due to the operations we acquired in fiscal 2015. (2) The increase is due to the reclassification of the contingent consideration liability of $7,833 and deferred consideration payable in shares of $4,477 to short-term as of June 30, 2015, as well as the working capital and net debt adjustment relating to our Exagroup acquisition of $5,090 , partially offset by a contingent consideration payment during the period. (3) The increase is primarily due to the vesting of certain liability based equity awards, as well as an increase in miscellaneous accruals from the operations we acquired in fiscal 2015. |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other liabilities included the following: June 30, 2015 June 30, 2014 Long-term capital lease obligations $ 18,304 $ 8,875 Long-term derivative liabilities 9,816 665 Other 23,953 34,880 Total other liabilities $ 52,073 $ 44,420 |
Debt Total debt outstanding (Ta
Debt Total debt outstanding (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Debt June 30, 2015 June 30, 2014 7.0% Senior unsecured notes due 2022 $ 275,000 $ — Senior secured credit facility (1) 231,507 426,859 Other (2) 11,536 — Uncommitted credit facility 4,500 21,200 Total debt outstanding 522,543 448,059 Less short-term debt (1) 22,602 37,575 Long-term debt $ 499,941 $ 410,484 _____________________ (1) Balances as of June 30, 2015 are inclusive of short-term and long-term debt discounts of $116 and $377 , respectively. (2) Balance as of June 30, 2015 represents various term loans assumed in conjunction with certain fiscal 2015 acquisitions. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of the Company's share option activity and related information | A summary of our share option activity and related information for the year ended June 30, 2015 is as follows: Shares Pursuant to Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at the beginning of the period 3,959,353 $ 38.43 5.1 Granted 18,135 73.28 Exercised (1,057,015 ) 20.58 Forfeited/cancelled (7,081 ) 51.84 Outstanding at the end of the period 2,913,392 $ 45.09 4.3 $ 113,840 Vested or expected to vest at the end of the period 2,811,830 $ 44.90 4.3 $ 110,396 Exercisable at the end of the period 1,686,223 $ 41.34 3.8 $ 72,207 |
Company's unvested restricted share unit activity and related information | A summary of our unvested RSU activity and related information for the fiscal year ended June 30, 2015 is as follows: RSUs Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value Unvested at the beginning of the period 837,131 $ 42.10 Granted 310,255 63.28 Vested and distributed (297,054 ) 42.72 Forfeited (83,052 ) 44.20 Unvested at the end of the period 767,280 $ 50.19 $ 64,574 |
Summary of weighted average values used for option grants | Weighted-average values used for option grants in fiscal 2015 , 2014 and 2013 were as follows: Year Ended June 30, 2015 2014 2013 Risk-free interest rate 1.67 % 1.56 % 0.81 % Expected dividend yield — % — % — % Expected term (years) 6.00 5.75 6.00 Expected volatility 50 % 56 % 58 % Weighted average fair value of options granted $ 35.84 $ 28.14 $ 17.23 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | A reconciliation of the gross beginning and ending amount of unrecognized tax benefits is as follows: Balance at June 30, 2013 $ 5,682 Additions based on tax positions related to the current tax year 152 Additions based on tax positions related to prior tax years 1,244 Reductions due to audit settlements (334 ) Balance at June 30, 2014 $ 6,744 Additions based on tax positions related to the current tax year 208 Additions based on tax positions related to prior tax years 73 Reductions based on tax positions related to prior tax years (1,240 ) Reductions due to audit settlements (75 ) Balance at June 30, 2015 $ 5,710 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended June 30, 2015 2014 2013 U.S. $ 21,567 $ 14,382 $ 8,730 Non-U.S. 78,186 42,228 32,002 Total $ 99,753 $ 56,610 $ 40,732 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended June 30, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 31,547 $ 15,066 Depreciation and amortization 836 373 Accrued expenses 4,691 5,112 Share-based compensation 15,580 14,712 Credit and other carryforwards 114 146 Derivative financial instruments 2,396 142 Other 1,598 1,227 Subtotal 56,762 36,778 Valuation allowance (16,612 ) (6,890 ) Total deferred tax assets 40,150 29,888 Deferred tax liabilities: Depreciation and amortization (55,026 ) (35,639 ) IP installment obligation (13,325 ) (16,557 ) Capital Leases (1,345 ) (1,162 ) Other (772 ) (75 ) Total deferred tax liabilities (70,468 ) (53,433 ) Net deferred tax liabilities $ (30,318 ) $ (23,545 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended June 30, 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State taxes, net of federal effect 0.8 3.4 2.6 Tax rate differential on non-U.S. earnings (24.0 ) (19.3 ) (23.8 ) Compensation related items 1.1 4.3 6.5 Increase in valuation allowance 8.0 4.8 5.0 Nondeductible (taxable) acquisition-related payments 3.7 0.3 (0.3 ) Notional interest deduction (Italy) (2.5 ) (0.1 ) — Net tax (benefit) expense on intellectual property transfer (12.2 ) (16.4 ) 3.2 Tax benefit from Canadian tax currency election — — (4.7 ) Nondeductible loss on investment in Namex — 3.8 — Other 0.6 2.9 (0.5 ) Effective income tax rate 10.5 % 18.7 % 23.0 % |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended June 30, 2015 2014 2013 Current: U.S. Federal $ 12,680 $ 10,438 $ 6,816 U.S. State 2,313 3,880 1,762 Non-U.S. 12,496 8,273 3,477 Total current 27,489 22,591 12,055 Deferred: U.S. Federal (4,505 ) (3,754 ) (274 ) U.S. State (1,070 ) (897 ) (163 ) Non-U.S. (11,473 ) (7,350 ) (2,231 ) Total deferred (17,048 ) (12,001 ) (2,668 ) Total $ 10,441 $ 10,590 $ 9,387 |
Summary of Valuation Allowance [Table Text Block] | A reconciliation of the beginning and ending amount of the valuation allowance for the year ended June 30, 2015 is as follows: Balance at June 30, 2014 $ 6,890 Charges to earnings (1) 7,940 Charges to other accounts (2) 1,782 Balance at June 30, 2015 $ 16,612 _________________ (1) Amount is primarily related to non-U.S. net operating losses. (2) Amount is primarily related to unrealized losses on cross-currency swap contracts included in other comprehensive income (loss) and non-U.S. net operating losses recorded in purchase accounting, partially offset by a decrease in deferred tax assets on non-U.S. net operating losses due to currency exchange rate changes. |
Noncontrolling interest (Tables
Noncontrolling interest (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Line Items] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | The following table presents the reconciliation of changes in our noncontrolling interests: Redeemable noncontrolling interests Noncontrolling interest Balance as of June 30, 2013 $ — $ — Capital contribution from noncontrolling interest 5,773 — Adjustment to noncontrolling interest 56 — Acquisition of noncontrolling interest 5,728 — Net loss attributable to noncontrolling interest (380 ) — Foreign currency translation (17 ) — Balance as of June 30, 2014 $ 11,160 $ — Capital contribution from noncontrolling interest 4,160 — Acquisition of noncontrolling interest 42,951 2,867 Dividend paid to noncontrolling interest (118 ) — Net loss attributable to noncontrolling interest (700 ) (2,200 ) Foreign currency translation 285 (155 ) Balance as of June 30, 2015 $ 57,738 $ 512 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended June 30, 2015 2014 2013 Revenue: Vistaprint Business Unit $ 1,194,393 $ 1,144,030 $ 1,091,900 All Other Business Units 299,813 126,206 75,578 Total revenue $ 1,494,206 $ 1,270,236 $ 1,167,478 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended June 30, 2015 2014 2013 Income (loss) from operations: Vistaprint Business Unit $ 346,161 $ 314,255 $ 246,863 All Other Business Units (12,379 ) (17,930 ) (14,921 ) Corporate and global functions (237,458 ) (210,411 ) (185,818 ) Total income from operations $ 96,324 $ 85,914 $ 46,124 |
Depreciation and amortization by operating segment | Year Ended June 30, 2015 2014 2013 Depreciation and amortization: Vistaprint Business Unit $ 40,075 $ 34,782 $ 34,789 All Other Business Units 39,797 19,154 12,460 Corporate and global functions 17,628 18,346 17,076 Total depreciation and amortization $ 97,500 $ 72,282 $ 64,325 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The following tables set forth revenues by geographic area and groups of similar products and services: Year Ended June 30, 2015 2014 2013 United States $ 718,072 $ 653,216 $ 606,246 Non-United States (1) 776,134 617,020 561,232 Total revenue $ 1,494,206 $ 1,270,236 $ 1,167,478 |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended June 30, 2015 2014 2013 Physical printed products and other (2) $ 1,423,110 $ 1,189,905 $ 1,084,698 Digital products/services 71,096 80,331 82,780 Total revenue $ 1,494,206 $ 1,270,236 $ 1,167,478 ___________________ (1) Our non-United States revenue includes the Netherlands, our country of domicile. Revenue earned in any other individual country other than the United States was not greater than 10% of consolidated revenue for the periods presented. (2) Other revenue includes miscellaneous items which account for less than 1% of revenue. |
Revenues and long-lived assets by geographic area | The following tables set forth long-lived assets by geographic area: June 30, June 30, Long-lived assets (3): Canada $ 99,474 $ 100,369 Netherlands 98,288 106,918 Switzerland 41,357 31,201 United States 31,417 30,920 Italy 28,548 20,356 Australia 26,908 35,367 Jamaica 23,814 25,431 France 21,449 — Japan 16,219 — Other 29,946 26,202 Total $ 417,420 $ 376,764 ___________________ (3) Excludes goodwill of $400,629 and $317,187 , intangible assets, net of $151,063 and $110,214 , project construction costs of $104,315 and $18,117 related to our Waltham lease, and deferred tax assets of $17,172 and $8,762 as of June 30, 2015 and 2014, respectively. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies Disclosure (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum payments required for our lease obligations for the next five fiscal years and thereafter are as follows at June 30, 2015 : Operating lease obligations Build-to-suit lease obligations (1) Capital lease obligations 2016 $ 7,697 $ 10,475 $ 9,150 2017 6,169 12,569 7,083 2018 4,300 12,569 4,854 2019 3,775 12,569 2,419 2020 4,345 12,569 562 Thereafter 12,941 71,018 35 Total $ 39,227 $ 131,769 $ 24,103 ___________________ (1) Minimum payments relate to our Waltham lease obligation, please refer to Note 6 for additional details. |
Schedule of Maturities of Long-term Debt [Table Text Block] | The required principal payments due during the next five years and thereafter under our outstanding long-term debt obligations (excluding our short-term uncommitted credit facility) at June 30, 2015 are as follows: 2016 $ 18,217 2017 17,995 2018 23,585 2019 78,995 2020 102,819 Thereafter 276,925 Total $ 518,536 The required principal payments due during the next five years and thereafter under our outstanding long-term debt obligations (excluding our short-term uncommitted credit facility) at June 30, 2015 are as follows: 2016 $ 18,217 2017 17,995 2018 23,585 2019 78,995 2020 102,819 Thereafter 276,925 Total $ 518,536 |
Quarterly Financial Data (una43
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Data (unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | Year Ended June 30, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 333,932 $ 439,905 $ 339,901 $ 380,468 Cost of revenue 130,221 156,620 125,540 156,218 Net income (loss) 23,417 62,862 7,925 (4,892 ) Net income (loss) attributable to Cimpress N.V. 23,694 63,609 8,611 (3,702 ) Net income (loss) per share attributable to Cimpress N.V.: Basic $ 0.73 $ 1.96 $ 0.26 $ (0.11 ) Diluted $ 0.71 $ 1.89 $ 0.25 $ (0.11 ) Year Ended June 30, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 275,089 $ 370,807 $ 286,185 $ 338,155 Cost of revenue 95,790 120,789 100,903 133,611 Net income 412 40,875 1,341 688 Net income attributable to Cimpress N.V. 412 40,875 1,375 1,034 Net income per share attributable to Cimpress N.V.: Basic $ 0.01 $ 1.24 $ 0.04 $ 0.03 Diluted $ 0.01 $ 1.18 $ 0.04 $ 0.03 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |||
Reconciliation of weighted-average number of ordinary shares | |||||
Weighted average shares outstanding, basic | 32,644,870 | 32,873,234 | 33,209,172 | ||
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs | 1,171,628 | 1,366,675 | 1,262,832 | ||
Shares used in computing diluted net income per share | 33,816,498 | 34,239,909 | 34,472,004 | ||
Weighted average anti-dilutive shares excluded from diluted net income per share | 289,356 | 953,100 | 1,740,542 | ||
Other Income and Expenses [Abstract] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 9,317 | $ (7,473) | $ 29 | ||
Foreign Currency Transaction Gain (Loss), Realized | 10,245 | [1] | (1,764) | [1] | (92) |
Loss on sale of equity method investment | 0 | 12,681 | 0 | ||
Other Nonoperating Gains (Losses) | 572 | 288 | 0 | ||
Other income (expense), net | $ 20,134 | $ (21,630) | $ (63) | ||
[1] | We have significant non-functional currency intercompany financing relationships subject to currency exchange rate volatility primarily due to changes in our corporate entity operating structure, effective October 1, 2013, which required us to alter our intercompany transactional and financing activities. The net currency related gains for the year ended June 30, 2015 are partially driven by this intercompany activity. |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details Textuals) - USD ($) | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Accounting Policies [Line Items] | ||||
Debt Issuance Cost | $ 6,229,000 | $ 1,319,000 | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 1,913,000 | |||
Restructuring Charges | 3,202,000 | 5,980,000 | ||
Restricted Cash and Cash Equivalents, Noncurrent | 543,000 | 823,000 | ||
Advertising Expense | 286,132,000 | 267,655,000 | $ 287,167,000 | |
Share-based compensation expense | 24,075,000 | 27,786,000 | 32,928,000 | |
Research and Development Expense | $ 30,849,000 | $ 26,423,000 | $ 24,690,000 | |
Concentration Risk, Percentage | 13.00% | 24.00% | ||
Cancellation of treasury shares, Shares | 5,869,662 | |||
Payments of Debt Issuance Costs | $ 6,373,000 | $ 1,363,000 | $ 1,536,000 | |
Amortization of Financing Costs | 1,272,000 | 765,000 | 556,000 | |
Unamortized Debt Issuance Expense | 8,447,000 | 3,490,000 | ||
Capitalized Computer Software, Amortization | 8,666,000 | 4,985,000 | 3,118,000 | |
Capitalized Computer Software, Accumulated Amortization | 21,608,000 | 13,538,000 | ||
Cash and Cash Equivalents, at Carrying Value | $ 103,584,000 | 62,508,000 | $ 50,065,000 | $ 62,203,000 |
Concentration Risk, Additional Characteristic | 1 | |||
Financial Effect of Change in Accounting Estimate | $ 0.0012 | |||
Revenue Recognition, Breakage Revenue, Discount Vouchers | 3,997,000 | |||
Waltham Lease [Member] | ||||
Accounting Policies [Line Items] | ||||
Construction in Progress, Gross | $ 104,315,000 | $ 18,117,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Hedging Designation [Domain] € in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Jun. 30, 2015EUR (€) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Apr. 03, 2014USD ($) | Apr. 01, 2014USD ($) | Jun. 30, 2013USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) | $ 14,006 | ||||||||
Level 3 Liability Value | 16,072 | $ 0 | |||||||
Level 3 change in fair value | $ 14,890 | 2,192 | |||||||
Level 3 effect if currency translation | (3,969) | (126) | |||||||
Available-for-sale Securities, Amortized Cost Basis | [1] | 4,611 | $ 3,939 | ||||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 2,971 | ||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 9,246 | ||||||||
Available-for-sale Securities | 13,857 | 6,910 | |||||||
Payment of continent consideration relating to business combination | $ (19,160) | ||||||||
Assets, Fair Value Disclosure [Abstract] | |||||||||
Debt, Carrying Value | 448,059 | 522,543 | |||||||
Debt, Fair Value | 460,098 | 539,752 | |||||||
Pixartprinting S.p.A [Member] | |||||||||
Assets, Fair Value Disclosure [Abstract] | |||||||||
Business Combination, Contingent Consideration, Liability | $ 4,953 | ||||||||
Business combinations, estimated fair value of deferred payment | € | € 9,600 | ||||||||
Payment of contingent consideration | 10,890 | ||||||||
Printdeal (formally People & Print Group B.V.) [Member] | |||||||||
Assets, Fair Value Disclosure [Abstract] | |||||||||
Business Combination, Contingent Consideration, Liability | 7,000 | 7,833 | $ 9,053 | ||||||
Payment of contingent consideration | € (8,000) | (8,270) | |||||||
Fair value, recurring measurements [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available-for-sale Securities | 13,857 | 6,910 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||||
Assets, Fair Value Disclosure, Recurring | 14,239 | 8,812 | |||||||
Liabilities, Fair Value Disclosure, Recurring | (17,623) | (17,823) | |||||||
Business Combination, Contingent Consideration, Liability | (16,072) | (7,833) | |||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 382 | 1,902 | |||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (806) | (407) | |||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | (745) | (1,150) | |||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | (8,433) | ||||||||
Quoted prices in active markets for identical assets (Level 1) [Member] | Fair value, recurring measurements [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available-for-sale Securities | 13,857 | 6,910 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||||
Assets, Fair Value Disclosure, Recurring | 13,857 | 6,910 | |||||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | ||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | |||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | 0 | 0 | |||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | 0 | ||||||||
Significant other observable inputs (Level 2) [Member] | Fair value, recurring measurements [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available-for-sale Securities | 0 | 0 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||||
Assets, Fair Value Disclosure, Recurring | 382 | 1,902 | |||||||
Liabilities, Fair Value Disclosure, Recurring | (1,551) | (9,990) | |||||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | |||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 382 | 1,902 | |||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (806) | (407) | |||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | (745) | (1,150) | |||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | (8,433) | ||||||||
Significant unobservable inputs (Level 3) [Member] | Fair value, recurring measurements [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Available-for-sale Securities | 0 | 0 | |||||||
Assets, Fair Value Disclosure [Abstract] | |||||||||
Liabilities, Fair Value Disclosure, Recurring | (16,072) | (7,833) | |||||||
Business Combination, Contingent Consideration, Liability | (16,072) | (7,833) | |||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | |||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | |||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | 0 | 0 | |||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | $ 0 | ||||||||
Foreign Exchange Forward [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative, Number of Instruments Held | 436 | 436 | |||||||
Foreign Exchange Forward [Member] | Significant other observable inputs (Level 2) [Member] | Fair value, recurring measurements [Member] | |||||||||
Assets, Fair Value Disclosure [Abstract] | |||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ (470) | ||||||||
Interest Rate Swap [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative, Number of Instruments Held | 8 | 8 | |||||||
Interest Rate Swap [Member] | Fair value, recurring measurements [Member] | |||||||||
Assets, Fair Value Disclosure [Abstract] | |||||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | $ (9,520) | ||||||||
Net Investment Hedging [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative, Number of Instruments Held | 2 | 2 | |||||||
Maximum [Member] | Printdeal (formally People & Print Group B.V.) [Member] | |||||||||
Assets, Fair Value Disclosure [Abstract] | |||||||||
Business Combination, Contingent Consideration, Liability | $ 15,000 | ||||||||
Accrued Liabilities [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Level 3 Liability Value | 6,276 | $ 7,833 | |||||||
Accrued Liabilities [Member] | Printdeal (formally People & Print Group B.V.) [Member] | |||||||||
Assets, Fair Value Disclosure [Abstract] | |||||||||
Business Combination, Contingent Consideration, Liability | $ 7,833 | ||||||||
Other Noncurrent Liabilities [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Level 3 Liability Value | $ 9,796 | ||||||||
[1] | On February 28, 2014, we purchased shares in our publicly traded Japanese joint venture partner. Refer to Note 15 for further discussion of the separate joint business arrangement. |
Derivative Financial Instrume47
Derivative Financial Instruments (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | |
Derivative [Line Items] | |||
Unrecognized loss of de-designated cash flow hedge included in AOCI | $ 123 | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 9,317 | $ (7,473) | $ 29 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 9,196 | 1,285 | (483) |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | (745) | ||
Interest Rate Swap Contracts, Assets, Fair Value Disclosure | 0 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | (9,520) | (771) | |
Derivative Liability, Fair Value, Gross Asset | 0 | 26 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 3,256 | 410 | |
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | (806) | ||
Interest Rate Swap Contracts, Assets, Fair Value Disclosure | 1,902 | 382 | |
Derivative Asset, Fair Value, Gross Liability | (1,354) | (28) | |
Derivative Liability, Fair Value, Gross Liability | (1,855) | (1,058) | |
Derivative Liability, Fair Value, Gross Asset | 1,385 | 252 | |
Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Foreign Currency Derivatives | $ 122,969 | ||
Derivative, Number of Instruments Held | 2 | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 7,779 | 0 | 0 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | ||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 0 | ||
Derivative Liability, Fair Value, Gross Liability | (8,433) | ||
Derivative Liability, Fair Value, Gross Asset | 0 | ||
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (53) | 0 | 0 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 816 | ||
Notional Amount of Interest Rate Derivatives | 240,000 | ||
Notional value of contracts with future start date | $ 65,000 | ||
Derivative, Number of Instruments Held | 8 | ||
Derivative, Underlying Basis | one-month LIBOR | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 1,417 | 1,319 | (387) |
Total current and future notional amount | $ 305,000 | ||
Interest Rate Swap [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative, Maturity Date | Jul. 31, 2015 | ||
Interest Rate Swap [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative, Maturity Date | Jun. 30, 2019 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 0 | 0 | |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | (1,087) | (771) | |
Derivative Liability, Fair Value, Gross Asset | 0 | 26 | |
Interest Rate Cash Flow Hedge Liability at Fair Value | (1,087) | (745) | |
Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 9,370 | (7,473) | 29 |
Notional Amount of Foreign Currency Derivatives | $ 285,770 | ||
Derivative, Number of Instruments Held | 436 | ||
Derivative, Underlying Basis | Various | ||
Foreign Exchange Forward [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Derivative, Maturity Date | Jul. 15, 2015 | ||
Foreign Exchange Forward [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative, Maturity Date | Dec. 15, 2016 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 3,256 | 410 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 382 | ||
Derivative Asset, Fair Value, Gross Liability | (1,354) | (28) | |
Derivative Liability, Fair Value, Gross Liability | (1,792) | (1,058) | |
Derivative Liability, Fair Value, Gross Asset | 1,385 | 252 | |
Derivative, Net Liability Position, Aggregate Fair Value | (806) | ||
Sales Revenue, Goods, Net [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 107 | (280) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (293) | ||
Cost of revenue | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | (59) | 263 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 92 | ||
Technology and development expense | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | (70) | (80) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (27) | ||
General and administrative expense | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | (12) | 1 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | ||
Fair value, recurring measurements [Member] | |||
Derivative [Line Items] | |||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | (1,150) | (745) | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 1,902 | 382 | |
Foreign Currency Contracts, Liability, Fair Value Disclosure | (407) | (806) | |
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | (8,433) | ||
Fair value, recurring measurements [Member] | Significant other observable inputs (Level 2) [Member] | |||
Derivative [Line Items] | |||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | (1,150) | (745) | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 1,902 | 382 | |
Foreign Currency Contracts, Liability, Fair Value Disclosure | (407) | (806) | |
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | (8,433) | ||
Fair value, recurring measurements [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | (9,520) | ||
Fair value, recurring measurements [Member] | Foreign Exchange Forward [Member] | Significant other observable inputs (Level 2) [Member] | |||
Derivative [Line Items] | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (470) | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Expense [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,087) | (372) | (189) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Sales Revenue, Goods, Net [Member] | Currency Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 120 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Cost of revenue | Currency Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (112) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Technology and development expense | Currency Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 122 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | General and administrative expense | Currency Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 11 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 815 | 396 | (397) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Income (loss) before taxes [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,087 | 471 | (418) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Income Taxes [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (272) | $ (75) | $ 21 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | ||
Derivative Liability, Fair Value, Gross Liability | (63) | ||
Derivative Liability, Fair Value, Gross Asset | 0 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (63) |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), tax | $ 195 | $ 218 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss | 2,113 | (11,556) |
Other comprehensive (loss) income before reclassifications | (101,837) | 13,273 |
Amounts reclassified from accumulated other comprehensive (loss) income to net income | (815) | (396) |
Net current period other comprehensive (loss) income | (101,022) | 13,669 |
Accumulated other comprehensive loss | (98,909) | 2,113 |
Change in Unrealized Gain (Loss) on Hedged Item in Foreign Currency Fair Value Hedge | 7,779 | |
Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss | (2,724) | 0 |
Other comprehensive (loss) income before reclassifications | (388) | (2,724) |
Amounts reclassified from accumulated other comprehensive (loss) income to net income | 0 | 0 |
Net current period other comprehensive (loss) income | (388) | (2,724) |
Accumulated other comprehensive loss | (3,112) | (2,724) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss | (803) | 86 |
Other comprehensive (loss) income before reclassifications | (1,417) | (1,285) |
Amounts reclassified from accumulated other comprehensive (loss) income to net income | (815) | (396) |
Net current period other comprehensive (loss) income | (602) | (889) |
Accumulated other comprehensive loss | (1,405) | (803) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss | 9,246 | 0 |
Other comprehensive (loss) income before reclassifications | (6,275) | 9,246 |
Amounts reclassified from accumulated other comprehensive (loss) income to net income | 0 | 0 |
Net current period other comprehensive (loss) income | (6,275) | 9,246 |
Accumulated other comprehensive loss | 2,971 | 9,246 |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss | (3,606) | (11,642) |
Other comprehensive (loss) income before reclassifications | (93,757) | 8,036 |
Amounts reclassified from accumulated other comprehensive (loss) income to net income | 0 | 0 |
Net current period other comprehensive (loss) income | (93,757) | 8,036 |
Accumulated other comprehensive loss | $ (97,363) | $ (3,606) |
Waltham and Lexington Lease A49
Waltham and Lexington Lease Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Real Estate Properties [Line Items] | |||
Operating Leases, Rent Expense | $ 16,926 | $ 14,151 | $ 11,720 |
Waltham Lease [Member] | |||
Real Estate Properties [Line Items] | |||
Operating Leases, Rent Expense, Minimum Rentals | 131,769 | ||
Construction in Progress, Gross | 104,315 | 18,117 | |
Operating Leases, Rent Expense | $ 1,197 | $ 875 |
Property, Plant and Equipment50
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 767,479 | $ 613,029 | |
Less accumulated depreciation | (331,209) | (293,145) | |
Property Plant And Equipment Net Excluding Land | 436,270 | 319,884 | |
Property, plant and equipment, net | 467,511 | 352,221 | |
Depreciation expense | $ 62,970 | 54,060 | $ 50,602 |
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P10Y | ||
Property, Plant and Equipment, Gross | $ 2,146 | 2,382 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 162,468 | 144,658 | |
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P10Y | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P30Y | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 251,366 | 229,927 | |
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P4Y | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P10Y | ||
Assets Held under Capital Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 27,693 | 13,513 | |
Computer Software and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 125,520 | 112,815 | |
Computer Software and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P3Y | ||
Computer Software and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P5Y | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 22,957 | 21,780 | |
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P5Y | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | P7Y | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 36,747 | 28,327 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 138,582 | 59,627 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 31,241 | $ 32,337 |
Business Combinations (Details)
Business Combinations (Details) | 12 Months Ended | ||||||||||||
Jun. 30, 2015EUR (€) | Jun. 30, 2015USD ($) | Jun. 30, 2014EUR (€) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Apr. 17, 2015USD ($) | Apr. 15, 2015USD ($) | Apr. 09, 2015USD ($) | Mar. 31, 2015USD ($) | Jul. 01, 2014USD ($) | Apr. 03, 2014USD ($) | Apr. 01, 2014USD ($) | Jun. 30, 2013USD ($) | |
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | € 91,305,000 | $ 97,012,000 | |||||||||||
Business Combination, Other Consideration | 4,549,000 | 4,832,000 | |||||||||||
Deferred Tax Liabilities | $ 28,010 | ||||||||||||
Goodwill | $ 317,187,000 | 400,629,000 | $ 140,893,000 | ||||||||||
Fotoknudsen AS [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 14,045,000 | 19,224,000 | |||||||||||
Identifiable intangible assets | $ 9,218,000 | ||||||||||||
Goodwill | $ 11,754,000 | ||||||||||||
Pixartprinting S.p.A [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 127,850,000 | 175,896,000 | 175,896,000 | ||||||||||
Business Combination, Other Consideration | 20,227,000 | ||||||||||||
Cash and Cash Equivalents | $ 6,913,000 | ||||||||||||
Other Current Assets | 5,601,000 | ||||||||||||
Non-current Assets | 20,582,000 | ||||||||||||
Accounts Payable and Other Current Liabilities | (17,681,000) | ||||||||||||
Deferred Tax Liabilities | (20,640,000) | ||||||||||||
Other long term liabilities | (9,943,000) | ||||||||||||
Goodwill | 154,282,000 | ||||||||||||
Noncontrolling Interest | (5,728,000) | ||||||||||||
Total purchase price | 201,076,000 | ||||||||||||
Business Combination, Contingent Consideration, Liability | 4,953,000 | ||||||||||||
Payment of contingent consideration | 10,890,000 | ||||||||||||
Printdeal (formally People & Print Group B.V.) [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | € 20,545 | 28,300 | |||||||||||
Business Combination, Other Consideration | € 4,000 | 5,509 | |||||||||||
Identifiable intangible assets | $ 23,968,000 | ||||||||||||
Goodwill | 20,605,000 | ||||||||||||
Total purchase price | $ 42,862,000 | ||||||||||||
Business Combination, Contingent Consideration, Liability | 7,000,000 | 7,833,000 | $ 9,053,000 | ||||||||||
Payment of contingent consideration | (8,000,000) | $ (8,270,000) | |||||||||||
Exagroup SAS [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 97,012,000 | ||||||||||||
Business Combination, Other Consideration | 4,832,000 | ||||||||||||
Cash and Cash Equivalents | $ 18,991,000 | ||||||||||||
Other Current Assets | 14,318,000 | ||||||||||||
Assets held for sale | 1,971,000 | ||||||||||||
Non-current Assets | 18,711,000 | ||||||||||||
Accounts Payable and Other Current Liabilities | (21,008,000) | ||||||||||||
Deferred Tax Liabilities | (21,655,000) | ||||||||||||
Other long term liabilities | (9,966,000) | ||||||||||||
Goodwill | 88,804,000 | ||||||||||||
Noncontrolling Interest | (43,354,000) | ||||||||||||
Total purchase price | 101,844,000 | ||||||||||||
Druck.at [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | 20,000,000 | 21,537,000 | |||||||||||
Identifiable intangible assets | $ 12,491,000 | ||||||||||||
Goodwill | $ 10,877,000 | ||||||||||||
Total purchase price | 24,517,000 | ||||||||||||
FL Print SAS [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Gross | € 4,800 | $ 5,174,000 | |||||||||||
Identifiable intangible assets | $ 2,003,000 | ||||||||||||
Goodwill | $ 3,592,000 | ||||||||||||
Trade Names [Member] | Pixartprinting S.p.A [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Identifiable intangible assets | 16,372,000 | ||||||||||||
Identifiable intangible assets, useful life (in years) | 10 years | 10 years | |||||||||||
Trade Names [Member] | Exagroup SAS [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Identifiable intangible assets | 11,900,000 | ||||||||||||
Developed Technology Rights [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Identifiable intangible assets, useful life (in years) | 3 years | 3 years | |||||||||||
Developed Technology Rights [Member] | Pixartprinting S.p.A [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Identifiable intangible assets | 8,943,000 | ||||||||||||
Identifiable intangible assets, useful life (in years) | 3 years | 3 years | |||||||||||
Developed Technology Rights [Member] | Exagroup SAS [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Identifiable intangible assets | 9,669,000 | ||||||||||||
Customer Relationships [Member] | Pixartprinting S.p.A [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Identifiable intangible assets | $ 42,375,000 | ||||||||||||
Identifiable intangible assets, useful life (in years) | 6 years | 6 years | |||||||||||
Customer Relationships [Member] | Exagroup SAS [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Identifiable intangible assets | $ 35,434,000 | ||||||||||||
Minimum [Member] | Trade Names [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Identifiable intangible assets, useful life (in years) | 10 years | 10 years | |||||||||||
Minimum [Member] | Customer Relationships [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Identifiable intangible assets, useful life (in years) | 7 years | 7 years | |||||||||||
Maximum [Member] | Printdeal (formally People & Print Group B.V.) [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Contingent Consideration, Liability | $ 15,000,000 | ||||||||||||
Maximum [Member] | Trade Names [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Identifiable intangible assets, useful life (in years) | 14 years | 14 years | |||||||||||
Maximum [Member] | Customer Relationships [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Identifiable intangible assets, useful life (in years) | 9 years | 9 years |
Business Combinations (Details
Business Combinations (Details Textual) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2015EUR (€) | Jun. 30, 2015USD ($) | Jun. 30, 2014EUR (€) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Jun. 30, 2015USD ($) | Apr. 17, 2015USD ($) | Apr. 15, 2015USD ($) | Apr. 09, 2015USD ($) | Jul. 01, 2014USD ($) | Apr. 03, 2014EUR (€) | Apr. 03, 2014USD ($) | Apr. 01, 2014USD ($) | |
Business Acquisition [Line Items] | |||||||||||||||||||||
Payments to Acquire Businesses, Gross | € 91,305,000 | $ 97,012,000 | |||||||||||||||||||
Business Combination, Other Consideration | 4,549,000 | 4,832,000 | |||||||||||||||||||
Net income attributable to Cimpress N.V. | $ (3,702,000) | $ 8,611,000 | $ 63,609,000 | $ 23,694,000 | $ 1,034,000 | $ 1,375,000 | $ 40,875,000 | $ 412,000 | 92,212,000 | $ 43,696,000 | $ 29,435,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||||||||||||||||||||
Goodwill | $ 317,187,000 | 317,187,000 | $ 140,893,000 | $ 400,629,000 | |||||||||||||||||
Professional Fees | 2,576,000 | 394,000 | |||||||||||||||||||
Fotoknudsen AS [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||||||
Payments to Acquire Businesses, Gross | 14,045,000 | 19,224,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 1,748,000 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||||||||||||||||||||
Goodwill | 11,754,000 | ||||||||||||||||||||
Identifiable intangible assets | 9,218,000 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 1,748,000 | ||||||||||||||||||||
Printdeal (formally People & Print Group B.V.) [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Payments to Acquire Businesses, Gross | € 20,545 | 28,300 | |||||||||||||||||||
Business Combination, Other Consideration | € 4,000 | 5,509 | |||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 7,000,000 | 7,833,000 | $ 9,053,000 | ||||||||||||||||||
Payment of contingent consideration | (8,000,000) | (8,270,000) | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,711,000 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||||||||||||||||||||
Goodwill | 20,605,000 | ||||||||||||||||||||
Identifiable intangible assets | 23,968,000 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 1,711,000 | ||||||||||||||||||||
Total purchase price | 42,862,000 | ||||||||||||||||||||
Professional Fees | 4,530,000 | ||||||||||||||||||||
Printdeal (formally People & Print Group B.V.) [Member] | Maximum [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 15,000,000 | ||||||||||||||||||||
Pixartprinting S.p.A [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 97.00% | 97.00% | |||||||||||||||||||
Payments to Acquire Businesses, Gross | 127,850,000 | 175,896,000 | 175,896,000 | ||||||||||||||||||
Business Combination, Other Consideration | 20,227,000 | ||||||||||||||||||||
Revenues | 27,208,000 | ||||||||||||||||||||
Net income attributable to Cimpress N.V. | 2,687,000 | ||||||||||||||||||||
Noncontrolling Interest | $ 5,728,000 | ||||||||||||||||||||
Business Combination, Contingent Consideration Maximum Value | € 9,600,000 | 13,208,000 | |||||||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 4,953,000 | ||||||||||||||||||||
Business combinations, estimated fair value of deferred payment | € | 9,600,000 | ||||||||||||||||||||
Payment of contingent consideration | 10,890,000 | ||||||||||||||||||||
CEO retained equity, fair value | $ 2,616,000 | ||||||||||||||||||||
CEO retained equity, percent | 3.00% | 3.00% | |||||||||||||||||||
CEO retained equity, expense recorded in period | 2,177,000 | 439,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||||||||||||||||||||
Goodwill | $ 154,282,000 | ||||||||||||||||||||
Total purchase price | $ 201,076,000 | ||||||||||||||||||||
Pixartprinting S.p.A [Member] | Cap II S.r.l [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 21.00% | 21.00% | |||||||||||||||||||
Pixartprinting S.p.A [Member] | Alcedo III [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 73.00% | 73.00% | |||||||||||||||||||
Exagroup SAS [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Payments to Acquire Businesses, Gross | 97,012,000 | ||||||||||||||||||||
Business Combination, Other Consideration | 4,832,000 | ||||||||||||||||||||
Revenues | 18,155,000 | ||||||||||||||||||||
Net income attributable to Cimpress N.V. | 563,000 | ||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | ||||||||||||||||||||
Noncontrolling Interest | $ 43,354,000 | ||||||||||||||||||||
Business Acquisition, Put and Call Option | 39,000,000 | ||||||||||||||||||||
Business Combination, Contingent Consideration Maximum Value | 8,000,000 | ||||||||||||||||||||
Business combinations, estimated fair value of deferred payment | 1,243,000 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||||||||||||||||||||
Goodwill | $ 88,804,000 | ||||||||||||||||||||
Total purchase price | 101,844,000 | ||||||||||||||||||||
Druck.at [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||||||
Deferred Purchase Price | 3,300,000 | 3,554,000 | |||||||||||||||||||
Payments to Acquire Businesses, Gross | 20,000,000 | 21,537,000 | |||||||||||||||||||
Business combinations, estimated fair value of deferred payment | 2,980,000 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 1,149,000 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||||||||||||||||||||
Goodwill | 10,877,000 | ||||||||||||||||||||
Identifiable intangible assets | 12,491,000 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 1,149,000 | ||||||||||||||||||||
Total purchase price | 24,517,000 | ||||||||||||||||||||
FL Print SAS [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||||||
Payments to Acquire Businesses, Gross | € 4,800 | 5,174,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 421,000 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||||||||||||||||||||
Goodwill | 3,592,000 | ||||||||||||||||||||
Identifiable intangible assets | 2,003,000 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 421,000 | ||||||||||||||||||||
Deferred Compensation | Druck.at [Member] | |||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Business combinations, estimated fair value of deferred payment | $ 233,000 |
Goodwill and Acquired Intangi53
Goodwill and Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | ||||
Goodwill [Roll Forward] | |||||
Goodwill, Other Changes | $ 174,887 | ||||
Beginning Balance | $ 317,187 | 140,893 | |||
Acquisitions | 122,319 | ||||
Purchase Accounting Adjustments | (113) | ||||
Effect of Currency Translation Adjustments | (38,764) | 1,407 | |||
Ending Balance | 400,629 | 317,187 | |||
Vistaprint Business Unit [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill, Other Changes | 0 | ||||
Beginning Balance | 138,007 | [1] | 135,122 | ||
Acquisitions | [2] | 0 | |||
Purchase Accounting Adjustments | 0 | ||||
Effect of Currency Translation Adjustments | (9,353) | [3] | 2,885 | [1] | |
Ending Balance | 128,654 | 138,007 | [1] | ||
All Other Business Units [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill, Other Changes | 174,887 | ||||
Beginning Balance | 179,180 | [1] | 5,771 | ||
Acquisitions | [2] | 122,319 | |||
Purchase Accounting Adjustments | (113) | ||||
Effect of Currency Translation Adjustments | (29,411) | [3] | (1,478) | [1] | |
Ending Balance | $ 271,975 | $ 179,180 | [1] | ||
[1] | Our segment reporting has been revised as of July 1, 2014 and, as such, we have re-allocated our goodwill by segment for the periods ended June 30, 2014 and 2013. See Note 17 for additional details. | ||||
[2] | See Notes 8 and 16 for additional details. | ||||
[3] | Relates to goodwill held by subsidiaries whose functional currency is not the U.S. Dollar. |
Goodwill and Acquired Intangi54
Goodwill and Acquired Intangible Assets Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (47,395) | $ (31,733) | |
Intangible assets, net | 151,063 | 110,214 | |
Finite-Lived Intangible Assets, Gross | 198,458 | ||
Intangible assets amortization expense | 24,264 | 12,723 | $ 10,778 |
Trade Names [Member] | |||
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (7,581) | (4,495) | |
Intangible assets, net | 38,162 | 27,597 | |
Finite-Lived Intangible Assets, Gross | 45,743 | 32,092 | |
Developed Technology Rights [Member] | |||
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (15,466) | (13,404) | |
Intangible assets, net | 17,804 | 13,801 | |
Finite-Lived Intangible Assets, Gross | 33,270 | 27,205 | |
Customer Relationships [Member] | |||
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (21,966) | (12,164) | |
Intangible assets, net | 92,650 | 65,610 | |
Finite-Lived Intangible Assets, Gross | 114,616 | 77,774 | |
Customer Network [Member] | |||
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (2,382) | (1,670) | |
Intangible assets, net | 2,447 | 3,206 | |
Finite-Lived Intangible Assets, Gross | $ 4,829 | $ 4,876 |
Goodwill and Acquired Intangi55
Goodwill and Acquired Intangible Assets Estimated Intangible Assets Amortization Expense (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 33,351 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 25,329 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 21,680 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 16,469 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 13,471 |
Total future amortization expense through the next five years | $ 110,300 |
Accrued Expenses (Details)
Accrued Expenses (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2015USD ($) | Jun. 30, 2015EUR (€) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Apr. 01, 2014USD ($) | ||
Schedule of other current liabilities [Line Items] | ||||||
Compensation costs | [1] | $ 62,759 | $ 46,375 | |||
Accrued Bonuses, Current | 10,097 | |||||
Accrued Advertising | 20,275 | 19,299 | ||||
Acquisition-related consideration payable | 17,400 | 6,276 | ||||
Interest Payable, Current | 5,731 | |||||
Interest Payable | 375 | |||||
Income and indirect taxes | 25,495 | 23,190 | ||||
Shipping costs | 2,471 | 4,104 | ||||
Purchases of property, plant and equipment | 3,030 | 3,687 | ||||
Professional costs | 2,396 | 2,224 | ||||
Other | [2] | 33,269 | 15,647 | |||
Accrued Liabilities | 172,826 | 121,177 | ||||
Other current liabilities | 21,470 | 888 | ||||
Lease financing obligation, short-term portion | 10,475 | 0 | ||||
Capital Lease Obligations, Current | 7,497 | 0 | ||||
Accrued expenses acquired in business combinations | $ 4,282 | |||||
Printdeal (formally People & Print Group B.V.) [Member] | ||||||
Schedule of other current liabilities [Line Items] | ||||||
Acquisition-related consideration payable | 4,477 | |||||
Business Combination, Contingent Consideration, Liability | € 7,000 | 7,833 | $ 9,053 | |||
Exagroup SAS [Member] | ||||||
Schedule of other current liabilities [Line Items] | ||||||
Acquisition-related consideration payable | 5,090 | |||||
Other Current Liabilities [Member] | ||||||
Schedule of other current liabilities [Line Items] | ||||||
Other current liabilities | $ 3,498 | $ 888 | ||||
[1] | The increase in compensation costs is primarily due to an increase in accrued bonus and long-term incentive payments of $10,097, as well as an increase of $4,282 due to the operations we acquired in fiscal 2015. | |||||
[2] | The increase is primarily due to the vesting of certain liability based equity awards, as well as an increase in miscellaneous accruals from the operations we acquired in fiscal 2015. |
Other Balance Sheet Component57
Other Balance Sheet Components Other liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of other liabilities [Line Items] | ||
Capital Lease Obligations, Noncurrent | $ 18,304 | $ 8,875 |
Derivative Liability, Noncurrent | 9,816 | 665 |
Other liabilities | 52,073 | 44,420 |
Other Noncurrent Liabilities [Member] | ||
Schedule of other liabilities [Line Items] | ||
Other liabilities | $ 23,953 | $ 34,880 |
Other Balance Sheet Component58
Other Balance Sheet Components Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of other current liabilities [Line Items] | ||
Lease financing obligation, short-term portion | $ 10,475 | $ 0 |
Capital Lease Obligations, Current | 7,497 | 0 |
Other current liabilities | 21,470 | 888 |
Other Current Liabilities [Member] | ||
Schedule of other current liabilities [Line Items] | ||
Other current liabilities | $ 3,498 | $ 888 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Line of Credit Facility [Line Items] | |||
Senior Notes | $ 275,000 | $ 0 | |
Short-term debt | 22,602 | 37,575 | |
Long-term debt | 499,941 | 410,484 | |
Debt, Carrying Value | 522,543 | 448,059 | |
Other Long-term Debt | $ 11,536 | 0 | |
Description of variable rate basis | LIBOR | ||
Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 25,000 | ||
Short-term debt | $ 4,500 | 21,200 | |
Weighted average interest rate | 1.00% | ||
Short-term Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Unamortized Discount | $ 116 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt, Carrying Value | [1] | 231,507 | $ 426,859 |
Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Current borrowing capacity | $ 844,000 | ||
Line of Credit [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on LIBOR | 1.50% | ||
Commitment fee (percentage) | 0.225% | ||
Senior leverage ratio, current year | 1 | ||
Line of Credit [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on LIBOR | 2.25% | ||
Commitment fee (percentage) | 0.40% | ||
Senior leverage ratio, current year | 4.50 | ||
Senior unsecured revolving credit facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest coverage ratio | 100.00% | ||
Senior unsecured revolving credit facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest coverage ratio | 300.00% | ||
Revolving Loan, Maturity September 23, 2019 [Member] | |||
Line of Credit Facility [Line Items] | |||
Weighted average interest rate | 2.43% | ||
Secured Debt [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Senior leverage ratio, current year | 1 | ||
Secured Debt [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Senior leverage ratio, current year | 3.25 | ||
Long-term Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Unamortized Discount | $ 377 | ||
Term Loan [Domain] | Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-term Debt, Gross | $ 154,000 | ||
Senior Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||
Revolving Loan, Maturity September 23, 2019 [Member] | Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 690,000 | ||
[1] | (1) Balances as of June 30, 2015 are inclusive of short-term and long-term debt discounts of $116 and $377, respectively. |
Schedule of Long-Term Debt Matu
Schedule of Long-Term Debt Maturities (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Maturities of Long-Term Debt Obligations [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | $ 18,217 |
Contractual Obligation, Due in Second Year | 17,995 |
Contractual Obligation, Due in Third Year | 23,585 |
Contractual Obligation, Due in Fourth Year | 78,995 |
Contractual Obligation, Due in Fifth Year | 102,819 |
Contractual Obligation, Due after Fifth Year | 276,925 |
Contractual Obligation | $ 518,536 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate (percent) | 0.00% | 0.00% | 0.00% |
Expected dividend yield (percent) | 0.00% | 0.00% | 0.00% |
Expected life (years) | 6 years | 5 years 9 months | 6 years |
Expected volatility (percent) | 100.00% | 100.00% | 100.00% |
Weighted average fair value of options granted | $ 35.84 | $ 28.14 | $ 17.23 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at the beginning of the period, options (shares) | 3,959,353 | ||
Granted, options (shares) | 18,135 | ||
Exercised, options (shares) | (1,057,015) | ||
Forfeited/canceled, options (shares) | (7,081) | ||
Outstanding at the end of the period, options (shares) | 2,913,392 | 3,959,353 | |
Vested or expected to vest at the end of the period, options (shares) | 2,811,830 | ||
Exerciseable at the end of the period, options (shares) | 1,686,223 | ||
Outstanding at the beginning of the period, weighted average exercise price (usd per share) | $ 38.43 | ||
Graned, weighted average exercise price (usd per share) | 73.28 | ||
Exercised, weighted average exercise price (usd per share) | 20.58 | ||
Forfeited/cancelled, weighted average exercise price (usd per share) | 51.84 | ||
Outstanding at the end of the period, weighted average exercise price (usd per share) | 45.09 | $ 38.43 | |
Vested or expected to vest at the end of the period, weighted average exercise price (usd per share) | 44.90 | ||
Exerciseable at the end of the period, weighted average exercise price (usd per share) | $ 41.34 | ||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 4 years 4 months | 5 years 1 month | |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 4 years 4 months | 5 years 1 month | |
Vested or expected to vest at the end of the period, weighted average remaining contractual term (years) | 4 years 4 months | ||
Exerciseable at the end of the period, weighted average remaining contractual term (years) | 3 years 10 months | ||
Outstanding at the end of the period, aggregate intrinsic value | $ 113,840 | ||
Vested or expected to vest at the end of the period, aggregate intrinsic value | 110,396 | ||
Exerciseable at the end of the period, aggregate intrinsic value | $ 72,207 | ||
Share Repurchases [Abstract] | |||
Purchase of ordinary shares, Value | $ (42,016) | $ (64,351) | |
Share repurchase program authorized shares | 6,400,000 | ||
Payments Related to Tax Withholding for Share-based Compensation | $ 29,351 | $ 9,430 | $ 3,556 |
Share-based Awards [Abstract] | |||
Fair Market Value of Ordinary Shares | 100.00% | ||
Award Expiration Period | 10 years | ||
Exchange Rate for Restricted Shares of Other Share Based Award | 2 | ||
Exchange Rate For Ordinary Shares | 1 | ||
Number Of Additional Plans Available | 1 | ||
Capital shares reserved for future issuance | 2,387,435 | ||
Share options | |||
Granted, options (shares) | 18,135 | ||
Treasury Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Exercised, options (shares) | 672,000 | 297,000 | 281,000 |
Share Repurchases [Abstract] | |||
Purchase of ordinary shares, Value | $ (42,016) | $ (64,351) | |
Treasury Stock, Shares, Acquired | (1,044,000) | (1,851,000) | |
Restricted Stock Units (RSUs) [Member] | |||
Unvested restricted share units | |||
Unvested at the beginning of the period, restricted share units (shares) | 837,131 | ||
Granted, restricted share units (shares) | 310,255 | ||
Vested and distributed, restricted share units (shares) | (297,054) | ||
Forfeited, restricted share units (shares) | (83,052) | ||
Unvested at the end of the period, restricted share units (shares) | 767,280 | 837,131 | |
Unvested at the beginning of the period, weighted average grant date fair value (usd per share) | $ 42.10 | ||
Weighted average fair value of restricted share units granted | 63.28 | $ 48.06 | $ 39.72 |
Vested and distributed, weighted average grant date fair value (usd per share) | 42.72 | ||
Forfeited, weighted average grant date fair value (usd per share) | 44.20 | ||
Unvested at the end of the period, weighted average grant date fair value (usd per share) | $ 50.19 | 42.10 | |
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Nonvested, Aggregate Intrinsic Value | $ 64,574 | ||
Share options | |||
Service period | RSUs generally vest quarterly for two to three years for non-employee directors and 25% after one year and quarterly for 12 quarters thereafter for employees. | ||
Restricted Share Units [Abstract] | |||
Service period | RSUs generally vest quarterly for two to three years for non-employee directors and 25% after one year and quarterly for 12 quarters thereafter for employees. | ||
Performance based RSUs outstanding | 210,000 | ||
Performance based RSUs not probable | 180,000 | ||
Maximum compensation for probabilty awards | $ 7,169 | ||
Weighted average fair value of restricted share units granted | $ 63.28 | $ 48.06 | $ 39.72 |
Total fair value of shares vested | $ 19,846 | $ 20,629 | $ 12,397 |
Employee Stock Option [Member] | |||
Share options | |||
Service period | Options generally vest quarterly over 3 years for non-employee directors and 25% after one year and quarterly for 12 quarters thereafter for employees. | ||
Total intrinsic value of options exercised | $ 61,531 | 14,860 | 6,648 |
Restricted Share Units [Abstract] | |||
Service period | Options generally vest quarterly over 3 years for non-employee directors and 25% after one year and quarterly for 12 quarters thereafter for employees. | ||
Compensation cost | $ 24,075 | 27,786 | 32,928 |
Share-based Compensation [Abstract] | |||
Compensation cost | 24,075 | 27,786 | 32,928 |
Allocation of recognized period costs, capitalized amount | 477 | $ 254 | $ 130 |
Unrecognized Share-based Compensation | $ 40,272 | ||
Total compensation cost not yet recognized, period for recognition | 2 years 8 months | ||
Restricted Share Awards [Member] | |||
Restricted Share Awards [Abstract] | |||
Award vesting, initial percentage used | 50.00% | ||
Award vesting, final percentage vested | 50.00% | ||
Grant of restricted share awards, Value | $ 15,843 |
Employees' Savings Plan (Detail
Employees' Savings Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Percentage of voluntarily contribution by employees (percent) | 80.00% | ||
Percentage of participants voluntary contributions (percent) | 50.00% | ||
Percentage of maximum company contribution (percent) | 3.00% | ||
Requisite service period | 4 years | ||
Company expensed for plan | $ 8,619 | $ 8,178 | $ 7,158 |
Defined Benefit Plan, Benefit Obligation | 4,252 | 3,338 | |
Defined Benefit Plan, Assets for Plan Benefits | 9,596 | 11,602 | |
Pension Expense | 2,043 | $ 1,921 | $ 1,417 |
Defined Benefit Plan, Curtailments | $ 456 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 10,578,000 | ||
Effective Income Tax Rate Reconciliation, Percent | 10.00% | 20.00% | 20.00% |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 0.00% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 0.00% | 0.00% | 0.00% |
Income Taxes Receivable, Current | $ 7,617,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 28,777,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 1,031,000 | ||
Undistributed Earnings of Foreign Subsidiaries | 59,010,000 | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 361,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 40.00% | 40.00% | 40.00% |
Current Federal Tax Expense (Benefit) | $ 12,680,000 | $ 10,438,000 | $ 6,816,000 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 21,567,000 | 14,382,000 | 8,730,000 |
Income tax provision | 10,441,000 | 10,590,000 | 9,387,000 |
Unrecognized Tax Benefits | 5,710,000 | 6,744,000 | 5,682,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,383,000 | 3,061,000 | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 208,000 | 152,000 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 73,000 | 1,244,000 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (1,240,000) | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (75,000) | (334,000) | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 110,000 | 298,000 | |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 78,186,000 | 42,228,000 | 32,002,000 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 99,753,000 | 56,610,000 | 40,732,000 |
Current State and Local Tax Expense (Benefit) | 2,313,000 | 3,880,000 | 1,762,000 |
Current Foreign Tax Expense (Benefit) | 12,496,000 | 8,273,000 | 3,477,000 |
Current Income Tax Expense (Benefit) | 27,489,000 | 22,591,000 | 12,055,000 |
Deferred Federal Income Tax Expense (Benefit) | (4,505,000) | (3,754,000) | (274,000) |
Deferred State and Local Income Tax Expense (Benefit) | (1,070,000) | (897,000) | (163,000) |
Deferred Foreign Income Tax Expense (Benefit) | (11,473,000) | (7,350,000) | (2,231,000) |
Deferred taxes | $ (17,048,000) | $ (12,001,000) | $ (2,668,000) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.00% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (20.00%) | (20.00%) | (20.00%) |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 0.00% | 0.00% | 10.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 10.00% | 0.00% | 10.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Acquisition-Related Payments, Percent | $ 0 | $ 0 | $ 0 |
Tax on IP transfer | (10.00%) | (20.00%) | 0.00% |
Tax benefit from Canadian tax currency election | 0.00% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Deduction, Percent | 0.00% | 0.00% | 0.00% |
UNITED STATES | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 1,850,000 | ||
Non-United States [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 180,263,000 | ||
Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Withholdings tax relating to undistributed earnings | 7,000,000 | ||
Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Withholdings tax relating to undistributed earnings | $ 8,000,000 |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Operating Loss Carryforwards [Line Items] | ||
Valuation Allowances and Reserves, Balance | $ 16,612,000 | $ 6,890,000 |
Deferred Tax Assets, Net, Current | 1,559,000 | 717,000 |
Deferred Tax Assets, Operating Loss Carryforwards | 31,547,000 | 15,066,000 |
Deferred Tax Assets Tax Deferred Expense Depreciation And Amortization | 836,000 | 373,000 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 4,691,000 | 5,112,000 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 15,580,000 | 14,712,000 |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 114,000 | 146,000 |
Deferred Tax Assets, Derivative Instruments | 2,396,000 | 142,000 |
Deferred Tax Assets, Other | 1,598,000 | 1,227,000 |
Deferred Tax Assets, Gross | 56,762,000 | 36,778,000 |
Deferred Tax Assets, Valuation Allowance | (16,612,000) | (6,890,000) |
Deferred Tax Assets, Net of Valuation Allowance | 40,150,000 | 29,888,000 |
Deferred Tax Liabilities Deferred Expense Depreciation And Amortization | (55,026,000) | (35,639,000) |
IP installment obligation | (13,325,000) | (16,557,000) |
Deferred Tax Liabilities, Leasing Arrangements | (1,345,000) | (1,162,000) |
Deferred Tax Liabilities, Other | (772,000) | (75,000) |
Deferred Tax Liabilities, Gross | (70,468,000) | (53,433,000) |
Deferred Tax Liabilities, Net | (30,318,000) | (23,545,000) |
Deferred Tax Liabilities, Net, Current | 1,043,000 | $ 2,178,000 |
Deferred Tax Liabilities | $ 28,010 |
Income Taxes Reconciliation of
Income Taxes Reconciliation of valuation allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Valuation Allowance [Line Items] | ||
Valuation Allowances and Reserves, Balance | $ 16,612 | $ 6,890 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 7,940 | |
Valuation Allowances and Reserves, Charged to Other Accounts | 1,782 | |
Derivative Financial Instruments, Liabilities [Member] | ||
Valuation Allowance [Line Items] | ||
Valuation Allowances and Reserves, Balance | $ 2,396 |
Noncontrolling interest (Detail
Noncontrolling interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Apr. 15, 2015 | Jun. 30, 2013 | |
Noncontrolling Interest [Line Items] | ||||
Adjustment to noncontrolling interest | $ (56) | |||
Acquisition of noncontrolling interest | $ 2,867 | |||
Vistaprint Japan Co., Ltd. [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | |||
Exagroup SAS [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | |||
Pixartprinting S.p.A [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 97.00% | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 3.00% | |||
Parent [Member] | Vistaprint Japan Co., Ltd. [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Payments to Acquire Interest in Joint Venture | $ 4,891 | |||
Contribution of Property | 1,100 | |||
Noncontrolling Interest [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 512 | 0 | $ 0 | |
Adjustment to noncontrolling interest | 0 | |||
Acquisition of noncontrolling interest | 0 | |||
Dividends | 0 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 2,200 | 0 | ||
Other Comprehensive (Income) Loss, Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | (155) | 0 | ||
Proceeds from Contributions from Affiliates | 0 | 0 | ||
Noncontrolling Interest [Member] | Vistaprint Japan Co., Ltd. [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Contribution of Property | 955 | |||
Proceeds from Contributions from Affiliates | 4,818 | |||
Redeemable noncontrolling interest [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 57,738 | 11,160 | $ 0 | |
Adjustment to noncontrolling interest | 56 | |||
Acquisition of noncontrolling interest | 42,951 | 5,728 | ||
Dividends | (118) | |||
Net Income (Loss) Attributable to Noncontrolling Interest | (700) | (380) | ||
Other Comprehensive (Income) Loss, Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | 285 | (17) | ||
Proceeds from Contributions from Affiliates | $ 4,160 | $ 5,773 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Variable Interest Entity [Line Items] | |||
Loss in equity interest | $ 0 | $ (2,704) | $ (1,910) |
Goodwill | 400,629 | 317,187 | 140,893 |
Noncontrolling interest | 512 | 0 | |
Payments to Acquire Variable Interest Entity | 5,360 | ||
Capital contribution to subsidiary | $ 2,850 | ||
Ownership percentage in VIE after exercise of call option | 49.99% | ||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 0 | $ (12,681) | $ 0 |
Printi LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net | 341 | ||
Goodwill | 7,469 | ||
Noncontrolling interest | 2,465 | ||
Finite-lived Intangible Assets Acquired | $ 697 | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 41.60% | ||
Liability equity award, fair value | $ 6,066 | ||
Liability equity award, expense recognized during period | $ 1,405 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Depreciation, Depletion and Amortization | $ 97,500 | $ 72,282 | $ 64,325 | ||||||||||
Revenue | $ 380,468 | $ 339,901 | $ 439,905 | $ 333,932 | $ 338,155 | $ 286,185 | $ 370,807 | $ 275,089 | 1,494,206 | 1,270,236 | 1,167,478 | ||
Operating Income (Loss) | 96,324 | 85,914 | 46,124 | ||||||||||
Physical printed products and other [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 1,423,110 | [1] | 1,189,905 | [1] | 1,084,698 | ||||||||
Digital products/services [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 71,096 | 80,331 | 82,780 | ||||||||||
UNITED STATES | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 718,072 | 653,216 | 606,246 | ||||||||||
Non-United States [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 776,134 | [2] | 617,020 | [2] | 561,232 | ||||||||
Corporate And Global Functions [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Depreciation, Depletion and Amortization | 17,628 | 18,346 | 17,076 | ||||||||||
Operating Income (Loss) | (237,458) | (210,411) | (185,818) | ||||||||||
All Other Business Units [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Depreciation, Depletion and Amortization | 39,797 | 19,154 | 12,460 | ||||||||||
Revenue | 299,813 | 126,206 | 75,578 | ||||||||||
Operating Income (Loss) | (12,379) | (17,930) | (14,921) | ||||||||||
Vistaprint Business Unit [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Depreciation, Depletion and Amortization | 40,075 | 34,782 | 34,789 | ||||||||||
Revenue | 1,194,393 | 1,144,030 | 1,091,900 | ||||||||||
Operating Income (Loss) | $ 346,161 | $ 314,255 | $ 246,863 | ||||||||||
[1] | Other revenue includes miscellaneous items which account for less than 1% of revenue. | ||||||||||||
[2] | Our non-United States revenue includes the Netherlands, our country of domicile. Revenue earned in any other individual country other than the United States was not greater than 10% of consolidated revenue for the periods presented. |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Long-Lived Assets | ||||
Long-lived assets | $ 417,420 | $ 376,764 | [1] | |
Segment Information Textuals Abstract | ||||
Goodwill | 400,629 | 317,187 | $ 140,893 | |
Deferred tax assets | 17,172 | 8,762 | ||
Intangible assets, net | 151,063 | 110,214 | ||
UNITED STATES | ||||
Long-Lived Assets | ||||
Long-lived assets | 31,417 | 30,920 | ||
Canada [Member] | ||||
Long-Lived Assets | ||||
Long-lived assets | 99,474 | 100,369 | ||
Netherlands [Member] | ||||
Long-Lived Assets | ||||
Long-lived assets | 98,288 | 106,918 | ||
Switzerland [Member] | ||||
Long-Lived Assets | ||||
Long-lived assets | 41,357 | 31,201 | ||
Australia [Member] | ||||
Long-Lived Assets | ||||
Long-lived assets | 26,908 | 35,367 | ||
Jamaica [Member] | ||||
Long-Lived Assets | ||||
Long-lived assets | 23,814 | 25,431 | ||
FRANCE | ||||
Long-Lived Assets | ||||
Long-lived assets | 21,449 | 0 | ||
ITALY | ||||
Long-Lived Assets | ||||
Long-lived assets | 28,548 | 20,356 | ||
JAPAN | ||||
Long-Lived Assets | ||||
Long-lived assets | 16,219 | 0 | ||
Other [Member] | ||||
Long-Lived Assets | ||||
Long-lived assets | 29,946 | 26,202 | ||
Waltham Lease [Member] | ||||
Segment Information Textuals Abstract | ||||
Construction in Progress, Gross | $ 104,315 | $ 18,117 | ||
[1] | Excludes goodwill of $400,629 and $317,187, intangible assets, net of $151,063 and $110,214, project construction costs of $104,315 and $18,117 related to our Waltham lease, and deferred tax assets of $17,172 and $8,762 as of June 30, 2015 and 2014, respectively. |
Commitments and Contingencies70
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Commitments And Contingencies (Textuals) [Abstract] | |||
Total lease expense | $ 16,926 | $ 14,151 | $ 11,720 |
Unrecorded unconditional purchase obligation | $ 27,052 | ||
Tax payment term | 7 years 6 months | ||
Installment obligation | $ 13,325 | ||
Capital Leased Assets | 27,693 | ||
Capital lease asset, accumulated depreciation | 4,681 | ||
Capital Lease Obligations | $ 23,633 | ||
Inventory | |||
Commitments And Contingencies (Textuals) [Abstract] | |||
Unrecorded unconditional purchase obligation | 1,924 | ||
Production and Computer Equipment [Domain] | |||
Commitments And Contingencies (Textuals) [Abstract] | |||
Unrecorded unconditional purchase obligation | 14,519 | ||
Other purchase commitments [Member] | |||
Commitments And Contingencies (Textuals) [Abstract] | |||
Unrecorded unconditional purchase obligation | $ 10,609 |
Commitments and Contingencies O
Commitments and Contingencies Operating Lease Future Minimum Payments (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 7,697 |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 9,150 |
Capital Leases, Future Minimum Payments Due in Two Years | 6,169 |
Capital Leases, Future Minimum Payments Due in Two Years | 7,083 |
Operating Leases, Future Minimum Payments, Due in Three Years | 4,300 |
Capital Leases, Future Minimum Payments Due in Three Years | 4,854 |
Capital Leases, Future Minimum Payments Due in Four Years | 3,775 |
Capital Leases, Future Minimum Payments Due in Four Years | 2,419 |
Operating Leases, Future Minimum Payments, Due in Five Years | 4,345 |
Capital Leases, Future Minimum Payments Due in Five Years | 562 |
Capital Leases, Future Minimum Payments Due Thereafter | 12,941 |
Capital Leases, Future Minimum Payments Due Thereafter | 35 |
Operating Leases, Future Minimum Payments Due | 39,227 |
Capital Leases, Future Minimum Payments Due | 24,103 |
Waltham Lease [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 10,475 |
Capital Leases, Future Minimum Payments Due in Two Years | 12,569 |
Capital Leases, Future Minimum Payments Due in Three Years | 12,569 |
Capital Leases, Future Minimum Payments Due in Four Years | 12,569 |
Capital Leases, Future Minimum Payments Due in Five Years | 12,569 |
Capital Leases, Future Minimum Payments Due Thereafter | 71,018 |
Capital Leases, Future Minimum Payments Due | $ 131,769 |
Quarterly Financial Data (una72
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |||
Quarterly Financial Data (unaudited) [Abstract] | |||||||||||||
Revenue | $ 380,468 | $ 339,901 | $ 439,905 | $ 333,932 | $ 338,155 | $ 286,185 | $ 370,807 | $ 275,089 | $ 1,494,206 | $ 1,270,236 | $ 1,167,478 | ||
Cost of revenue | 156,218 | 125,540 | 156,620 | 130,221 | 133,611 | 100,903 | 120,789 | 95,790 | 568,599 | [1] | 451,093 | [1] | 400,293 |
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 688 | 1,341 | 40,875 | 412 | |||||||||
Net income | (4,892) | 7,925 | 62,862 | 23,417 | 89,312 | 43,316 | 29,435 | ||||||
Net income attributable to Cimpress N.V. | $ (3,702) | $ 8,611 | $ 63,609 | $ 23,694 | $ 1,034 | $ 1,375 | $ 40,875 | $ 412 | $ 92,212 | $ 43,696 | $ 29,435 | ||
Basic net income per share attributable to Cimpress N.V. | $ (0.11) | $ 0.26 | $ 1.96 | $ 0.73 | $ 0.03 | $ 0.04 | $ 1.24 | $ 0.01 | $ 2.82 | $ 1.33 | $ 0.89 | ||
Diluted net income per share attributable to Cimpress N.V. | $ (0.11) | $ 0.25 | $ 1.89 | $ 0.71 | $ 0.03 | $ 0.04 | $ 1.18 | $ 0.01 | $ 2.73 | $ 1.28 | $ 0.85 | ||
[1] | Share-based compensation is allocated as follows: |
Subsequent Events (Details)
Subsequent Events (Details) - 3 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total |
Subsequent Event [Line Items] | |
Stock Repurchased During Period, Shares | 1,027,625 |
Stock Repurchased During Period, Value | $ 69,751 |