Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Aug. 06, 2018 | Dec. 31, 2017 | |
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, 2018 | ||
Amendment flag | false | ||
Document fiscal year focus | 2,018 | ||
Document fiscal period focus | Q4 | ||
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 | $ 3,206,017,613 | ||
Entity common stock, shares outstanding | 30,885,642 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Current assets: | |||
Cash and cash equivalents | $ 44,227 | $ 25,697 | |
Accounts receivable, net of allowances of $6,898 and $3,590, respectively | 55,621 | 48,630 | |
Inventory | 60,602 | 46,563 | |
Prepaid expenses and other current assets | 78,846 | 78,835 | |
Assets held for sale | 0 | 46,276 | |
Total current assets | 239,296 | 246,001 | |
Property, plant and equipment, net | 483,664 | 511,947 | |
Software and website development costs, net | 56,199 | 48,470 | |
Deferred tax assets | 67,087 | 48,004 | |
Goodwill | 520,843 | 514,963 | |
Intangible assets, net | 230,201 | 275,924 | |
Other assets | 54,927 | 34,560 | |
Total assets | 1,652,217 | 1,679,869 | |
Current liabilities: | |||
Accounts payable | 152,436 | 127,386 | |
Accrued expenses | 186,661 | 175,567 | |
Deferred revenue | 27,697 | 30,372 | |
Short-term debt | [1] | 59,259 | 28,926 |
Other current liabilities | 54,971 | 78,435 | |
Liabilities held for sale | 0 | 8,797 | |
Total current liabilities | 481,024 | 449,483 | |
Deferred tax liabilities | 51,243 | 60,743 | |
Lease financing obligation | 102,743 | 106,606 | |
Long-term debt | 767,585 | 847,730 | |
Other liabilities | 69,524 | 94,683 | |
Total liabilities | 1,472,119 | 1,559,245 | |
Temporary equity | |||
Redeemable noncontrolling interests | 86,151 | 45,412 | |
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 30,876,193 and 31,415,503 shares outstanding, respectively | 615 | 615 | |
Treasury shares, at cost, 13,204,434 and 12,665,124 shares, respectively | (685,577) | (588,365) | |
Additional paid-in capital | 395,682 | 361,376 | |
Retained earnings | 452,756 | 414,771 | |
Accumulated other comprehensive loss | (69,814) | (113,398) | |
Total shareholders’ equity attributable to Cimpress N.V. | 93,662 | 74,999 | |
Noncontrolling Interest (Note 10) | 285 | 213 | |
Total shareholders' equity | 93,947 | 75,212 | |
Total liabilities, noncontrolling interests and shareholders’ equity | $ 1,652,217 | $ 1,679,869 | |
[1] | Balances as of June 30, 2018 and June 30, 2017 are inclusive of short-term debt issuance costs and debt discounts of $2,012 and $1,693, respectively |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Jun. 30, 2018USD ($)shares | Jun. 30, 2018€ / shares | Jun. 30, 2017USD ($)shares | Jun. 30, 2017€ / shares |
Current Assets | ||||
Allowance for doubtful accounts receivable, current | $ | $ 6,898 | $ 3,590 | ||
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 | ||
Common Stock, Shares, outstanding | 30,876,193 | 31,415,503 | ||
Treasury shares, shares | 13,204,434 | 12,665,124 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Revenue | $ 2,592,541 | $ 2,135,405 | $ 1,788,044 | |
Cost of revenue (1) | [1] | 1,279,799 | 1,036,975 | 773,640 |
Technology and development expense (1) | [1] | 245,758 | 243,230 | 210,080 |
Marketing and selling expense (1) | [1] | 714,654 | 610,932 | 508,502 |
General and administrative expense (1) | [1] | 176,958 | 207,569 | 145,844 |
Amortization of acquired intangible assets | 49,881 | 46,145 | 40,563 | |
Restructuring expense (1) | [1] | 15,236 | 26,700 | 381 |
Gain on sale of subsidiaries | (47,545) | 0 | 0 | |
Impairment of goodwill and acquired intangible assets | 0 | 9,556 | 30,841 | |
Income (loss) from operations | 157,800 | (45,702) | 78,193 | |
Other (expense) income, net | (21,032) | 10,362 | 26,098 | |
Interest expense, net | (53,043) | (43,977) | (38,196) | |
Loss on early extinguishment of debt | (17,359) | 0 | 0 | |
Income (loss) before income taxes | 66,366 | (79,317) | 66,095 | |
Income tax expense (benefit) | 19,578 | (7,118) | 15,684 | |
Net income (loss) | 46,788 | (72,199) | 50,411 | |
Add: Net (income) loss attributable to noncontrolling interest | (3,055) | 488 | 3,938 | |
Net income (loss) attributable to Cimpress N.V. | $ 43,733 | $ (71,711) | $ 54,349 | |
Basic net income (loss) per share attributable to Cimpress N.V. | $ 1.41 | $ (2.29) | $ 1.72 | |
Diluted net income (loss) per share attributable to Cimpress N.V. | $ 1.36 | $ (2.29) | $ 1.64 | |
Weighted average shares outstanding — basic | 30,948,081 | 31,291,581 | 31,656,234 | |
Weighted average shares outstanding — diluted | 32,220,401 | 31,291,581 | 33,049,454 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 50,466 | $ 48,627 | $ 23,772 | |
Cost of revenue | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 361 | 289 | 72 | |
Technology and development expense | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 10,580 | 8,724 | 5,892 | |
Marketing and selling expense | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 6,683 | 4,857 | 1,591 | |
General and administrative expense | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 31,515 | 28,500 | 16,273 | |
Restructuring Charges | ||||
Restructuring expense (1) | 15,236 | 26,700 | 381 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 1,327 | $ 6,257 | $ 0 | |
[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, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other comprehensive income (loss), net of tax: | |||
Net income (loss) | $ 46,788 | $ (72,199) | $ 50,411 |
Foreign currency translation gain (loss) | 35,148 | (4,681) | (7,537) |
Net unrealized gain (loss) on derivative instruments designated and qualifying as cash flow hedges | 11,521 | (1,297) | (2,504) |
Amounts reclassified from accumulated other comprehensive loss to net income (loss) on derivative instruments | (960) | 1,369 | 1,587 |
Unrealized (loss) gain on available-for-sale-securities | 0 | (5,756) | 517 |
Amounts reclassified from accumulated other comprehensive loss to net income (loss) for realized gains on available-for-sale securities | 0 | 2,268 | 0 |
Gain on pension benefit obligation, net | 357 | 2,194 | 561 |
Comprehensive income (loss) | 92,854 | (78,102) | 43,035 |
Add: Comprehensive (income) loss attributable to noncontrolling interests | (5,421) | 1,008 | 2,208 |
Total comprehensive income (loss) attributable to Cimpress N.V. | $ 87,433 | $ (77,094) | $ (45,243) |
Consolidated Statement of Share
Consolidated Statement of Shareholders Equity Statement - USD ($) $ in Thousands | Total | Ordinary Shares | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 2,546 | $ 546 | $ 2,000 | |||
Beginning balance, Shares at Jun. 30, 2015 | (44,080,000) | (10,878,000) | ||||
Beginning balance, Value at Jun. 30, 2015 | 248,907 | $ 615 | $ (412,132) | 324,281 | 435,052 | $ (98,909) |
Issuance of ordinary shares due to share option exercises, Shares | 120,000 | |||||
Issuance of ordinary shares due to share option exercises, Value | (4,706) | $ (5,199) | (493) | |||
Stock Issued During Period, Value, Acquisitions | 8,810 | $ 4,900 | 3,910 | |||
Stock Issued During Period, Shares, Acquisitions | 112,000 | |||||
Cancellation of treasury shares, Shares | 180,000 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (7,469) | $ 3,857 | (11,326) | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0 | $ (3,094) | (3,094) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | (82,000) | |||||
Share-based compensation expense | 21,368 | 21,368 | ||||
Treasury Stock, Value, Acquired, Cost Method | (153,467) | $ (153,467) | ||||
Treasury Stock, Shares, Acquired | (2,160,000) | |||||
Accretion to Redemption Value | (4,919) | 4,919 | ||||
Net Income (Loss) Attributable to Parent | 54,349 | 54,349 | ||||
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges | (917) | (917) | ||||
Marketable Securities, Unrealized Gain (Loss) | 517 | 517 | ||||
Foreign currency translation, net of hedges | (9,267) | (9,267) | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 561 | 561 | ||||
Ending balance, Shares at Jun. 30, 2016 | (44,080,000) | (12,544,000) | ||||
Ending balance, Value at Jun. 30, 2016 | 165,725 | $ 615 | $ (548,549) | 335,192 | 486,482 | (108,015) |
Issuance of ordinary shares due to share option exercises, Shares | 319,000 | |||||
Issuance of ordinary shares due to share option exercises, Value | (3,494) | $ (6,949) | (3,455) | |||
Cancellation of treasury shares, Shares | 154,000 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (7,333) | $ 3,243 | (10,576) | |||
Share-based compensation expense | 43,504 | 43,504 | ||||
Treasury Stock, Value, Acquired, Cost Method | (50,008) | $ (50,008) | ||||
Treasury Stock, Shares, Acquired | (594,000) | |||||
Accretion to Redemption Value | (68) | (68) | ||||
Reclassification of mandatorily redeemable noncontrolling interest | (3,357) | (3,357) | ||||
Net Income (Loss) Attributable to Parent | (71,711) | |||||
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges | 72 | 72 | ||||
Marketable Securities, Unrealized Gain (Loss) | (5,756) | (5,756) | ||||
Marketable Securities, Gain (Loss) | 2,268 | 2,268 | ||||
Foreign currency translation, net of hedges | (4,161) | (4,161) | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 2,194 | 2,194 | ||||
Ending balance, Shares at Jun. 30, 2017 | (44,080,000) | (12,665,000) | ||||
Ending balance, Value at Jun. 30, 2017 | 74,999 | $ 615 | $ (588,365) | 361,376 | 414,771 | (113,398) |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (5,864) | (5,864) | ||||
Issuance of ordinary shares due to share option exercises, Shares | 485,323 | 293,000 | ||||
Issuance of ordinary shares due to share option exercises, Value | $ (8,173) | $ (3,174) | (4,999) | |||
Cancellation of treasury shares, Shares | 63,000 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (3,944) | $ 840 | (4,784) | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | (168) | $ (168) | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | (2,000) | |||||
Share-based compensation expense | 44,089 | 44,089 | ||||
Treasury Stock, Value, Acquired, Cost Method | (94,710) | $ (94,710) | ||||
Treasury Stock, Shares, Acquired | (895,000) | |||||
Net Income (Loss) Attributable to Parent | 43,733 | |||||
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges | 10,561 | 10,561 | ||||
Foreign currency translation, net of hedges | 32,782 | 32,782 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 357 | 357 | ||||
Ending balance, Shares at Jun. 30, 2018 | (44,080,000) | (13,206,000) | ||||
Ending balance, Value at Jun. 30, 2018 | $ 93,662 | $ 615 | $ (685,577) | $ 395,682 | $ 452,756 | $ (69,814) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities | |||
Net income (loss) | $ 46,788 | $ (72,199) | $ 50,411 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 169,005 | 158,400 | 131,918 |
Impairment of goodwill and acquired intangible assets | 0 | 9,556 | 30,841 |
Share-based compensation expense | 50,466 | 48,627 | 23,772 |
Deferred taxes | (14,039) | (41,358) | (15,922) |
Impairment of Long-Lived Assets to be Disposed of | 0 | 2,408 | 10,979 |
Gain on sale of subsidiaries | (47,545) | 0 | 0 |
Loss on early extinguishment of debt | 17,359 | 0 | 0 |
Change in contingent earn-out liability | 1,774 | 39,377 | 0 |
Gain on sale of available-for-sale securities | 0 | (2,268) | 0 |
Unrealized (gain) loss on derivatives not designated as hedging instruments included in net income (loss) | (15,540) | 15,813 | (8,163) |
Payments of contingent consideration in excess of acquisition date fair value | (4,639) | 0 | (8,613) |
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency | 19,460 | (5,690) | (9,199) |
Other non-cash items | 4,668 | 2,886 | 5,784 |
Gain on proceeds from insurance | 0 | 0 | (3,136) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (5,123) | 4,701 | 6,766 |
Inventory | (7,068) | (8,699) | (11) |
Prepaid expenses and other assets | (2,472) | 521 | (7,668) |
Accounts payable | 21,782 | 25,332 | 25,670 |
Accrued expenses and other liabilities | (42,544) | (20,671) | 13,929 |
Net cash provided by operating activities | 192,332 | 156,736 | 247,358 |
Investing activities | |||
Purchases of property, plant and equipment | (60,930) | (74,157) | (80,435) |
Proceeds from the sale of subsidiaries, net of transaction costs and cash divested | 93,779 | 0 | 0 |
Business acquisitions, net of cash acquired | (110) | (204,875) | (164,412) |
Purchases of intangible assets | (308) | (197) | (476) |
Capitalization of software and website development costs | (40,847) | (37,307) | (26,324) |
Proceeds from the sale of assets | 886 | 4,513 | 0 |
Proceeds from insurance related to investing activities | 0 | 0 | 3,624 |
Proceeds from sale of available-for-sale securities | 0 | 6,346 | |
Other investing activities | (3,064) | 3,888 | 2,485 |
Net cash (used in) provided by investing activities | (10,594) | (301,789) | (265,538) |
Financing activities | |||
Proceeds from borrowings of debt | 805,995 | 737,075 | 598,008 |
Proceeds from issuance of senior notes | 400,000 | 0 | 0 |
Payments of debt | (974,781) | (539,913) | (430,622) |
Early Repayment of Senior Debt | (275,000) | 0 | 0 |
Payment for Debt Extinguishment or Debt Prepayment Cost | (14,438) | 0 | 0 |
Payments of Debt Issuance Costs | (10,629) | (229) | (70) |
Payments of purchase consideration included in acquisition-date fair value | (2,105) | (539) | (7,330) |
Payments of withholding taxes in connection with equity awards | (19,698) | (14,568) | (7,467) |
Payments of capital lease obligations | (17,618) | (15,887) | (13,933) |
Purchase of ordinary shares | (94,710) | (50,008) | (153,467) |
Purchase of noncontrolling interests | (1,144) | (20,230) | 0 |
Proceeds from issuance of ordinary shares | 11,981 | 6,192 | 4,705 |
Issuance of loans | (21,000) | 0 | 0 |
Capital contribution from noncontrolling interest | 35,390 | 0 | 0 |
Capital contribution from noncontrolling interest | 0 | 1,404 | 5,141 |
Other financing activities | 0 | 1,281 | (303) |
Net cash (used in) provided by financing activities | (177,757) | 104,578 | (5,338) |
Effect of exchange rate changes on cash | 2,507 | 788 | (2,640) |
Increase in cash held for sale | 12,042 | (12,042) | 0 |
Net increase (decrease) in cash and cash equivalents | 18,530 | (51,729) | (26,158) |
Cash and cash equivalents at beginning of period | 25,697 | 77,426 | 103,584 |
Cash and cash equivalents at end of period | 44,227 | 25,697 | 77,426 |
Supplemental disclosures of cash flow information: | |||
Interest | 56,614 | 45,275 | 37,623 |
Income taxes | 32,278 | 49,342 | 19,750 |
Capitalization of construction costs related to financing lease obligation | 0 | 0 | 19,264 |
Property and equipment acquired under capital leases | 531 | 14,422 | 7,535 |
Amounts accrued related to business acquisitions | $ 3,457 | $ 46,124 | $ 5,868 |
Description of the Business
Description of the Business | 12 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | Description of the Business Cimpress is a strategically-focused group of more than a dozen businesses that specialize in mass customization, via which we deliver large volumes of individually small-sized customized orders for a broad spectrum of print, signage, photo merchandise, invitations and announcements, packaging, apparel and other categories. We invest in and build customer-focused, entrepreneurial mass customization businesses for the long term, which we manage in a decentralized, autonomous manner. Mass customization is a core element of the business model of each Cimpress business. We drive competitive advantage across Cimpress through a select few shared strategic capabilities that have the greatest potential to create Cimpress-wide value. We limit all other central activities to only those which absolutely must be performed centrally. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
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 cannot exercise significant influence, and the related equity securities do not have a readily determinable fair value, are accounted for using the cost method and are included in other assets on the consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with 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 $90 and $520 as of June 30, 2018 and 2017 , 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. On December 22, 2016, we sold all of our Plaza Create Co. Ltd. common shares, which were classified as held for sale. We recognized a net gain of $2,268 as part of other (expense) income, net on our statement of operations for the year ended June 30, 2017. We did not sell marketable securities during the years ended June 30, 2018 or 2016. Accounts Receivable Accounts receivable includes amounts due from customers. 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 net realizable 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 2018 or 2017 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, which is generally over a three year period. 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, 2018, 2017 and 2016 was $31,332 , $24,571 and $14,355 , respectively, resulting in accumulated amortization of $84,279 and $59,554 at June 30, 2018 and 2017, 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 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. Insurance Recoveries Insurance proceeds related to incurred losses are recognized when recovery is probable, while business interruption recoveries follow the gain contingency model and are recognized when realized or realizable and earned. During the years ended June 30, 2018, 2017 and 2016, we received insurance proceeds of $327 , $829 and $11,943 , respectively, which were used to offset any incurred losses, relating to the write-off of the net book value of damaged machinery, equipment and inventory and property-related cleanup costs, as well as claim preparation costs. We also recognized net gains within other (expense) income, net of $675 , $807 and $3,947 , respectively, which includes the recovery of business interruption lost profits and the recovery of the replacement value of damaged machinery and equipment in excess of carrying value. As of June 30, 2018, all of these claims are closed. 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 using the income approach to value the trade names, customer relationships and customer network and a replacement cost approach to value developed technology and our print network. 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. We 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. 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 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. During the year ended June 30, 2017, we recognized a partial impairment charge for the acquired intangible assets of our Tradeprint reporting unit of $3,211 . Refer to Note 8 for additional information. We recognized no impairment charges for acquired intangible assets in the other periods presented. During the years ended June 30, 2017 and 2016 we committed to plans to abandon certain manufacturing equipment and recognized losses of $2,408 and $10,979 , respectively. The related loss during the year ended June 30, 2017 was recognized in cost of revenue, technology and development expense, and restructuring expense for $1,119 , $678 , and $611 , respectively, while the entire loss for the previous year was allocated to cost of revenue. We did not recognize any abandonment charges during the fiscal year ended June 30, 2018. 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. Assets acquired 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 or by using a Monte Carlo simulation model. 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 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 record an impairment loss equal to the difference. Refer to Note 8 for additional information. Debt Issuance Costs Expenses associated with the issuance of debt instruments are capitalized and are amortized over the terms of the respective financing arrangement on a straight-line basis through the maturity date of the related debt instrument. During the years ended June 30, 2018 and 2017 , we capitalized debt issuance costs related to the refinancing of our senior secured credit facility and senior unsecured notes of $11,666 and $229 , respectively. Amortization expense and the write-off of costs related to debt modifications are included in interest expense, net in the consolidated statements of operations and amounted to $1,821 , $1,578 , and $1,588 , for the years ended June 30, 2018, 2017 and 2016 , respectively. During the year ended June 30, 2018, we also expensed $2,921 of unamortized costs related to the extinguishment of our senior unsecured notes, which has been presented separately in the consolidated statements of operations as part of loss on early extinguishment of debt. Refer to Note 10 for additional information. Unamortized debt issuance costs were $12,585 and $5,661 as of June 30, 2018 and 2017 , 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. 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 cross-currency swap 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, while any ineffective portion is recognized directly in earnings, as a component of other (expense) income, net. 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 and currency forward 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 (expense) income, net. 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 (expense) income, 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. Mandatorily Redeemable Noncontrolling Interest Noncontrolling interests held by third parties in consolidated subsidiaries are considered mandatorily redeemable when they are subject to an unconditional obligation to be redeemed by both parties. The redeemable noncontrolling interest must be required to be repurchased on a specified date or on the occurrence of a specified event that is certain to occur and are to be redeemed via the transfer of assets. Mandatorily redeemable noncontrolling interests are presented as liability-based financial instruments and are re-measured on a recurring basis to the expected redemption value. During the year ended June 30, 2017, the terms of our arrangement with the shareholders of Printi LLC were amended, resulting in the inclusion of a mandatory redemption feature as part of the amended arrangement. Refer to Note 15 for additional details. 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 (loss), 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 as consideration for some of our acquisition transactions. Upon issuance of treasury shares we determine the cost using the average cost method. Revenue Recognition Our businesses 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. 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 presented as a separate financial statement line within our consolidated statement of operations. Advertising Expense Our advertising costs are primarily expensed as incurred and included in marketing and selling expense. We capitalize direct response advertising, which consists of customized product sample mailings, and amortize over the expected future revenue stream. Amortization of capitalized advertising costs is determined using historical revenue data. The capitalized costs of direct response advertising are amortized, commencing with the date the product samples are mailed. Capitalized direct response advertising costs included in prepaid expenses and other current assets as of June 30, 2018 and June 30, 2017 was $4,220 and $4,861 , respectively. These capitalized costs relate to direct response marketing initiatives of our National Pen business. As part of our adoption of Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (ASU 2014-09) in the first quarter of fiscal 2019, these costs will no longer be capitalized as direct response advertising costs, and will be expensed as incurred. Refer below to the recently issued or adopted accounting pronouncements section for additional details relating to the new standard. Advertising expense for the years ended June 30, 2018, 2017 and 2016 was $432,546 , $363,936 , and $305,701 , 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, 2018, 2017 and 2016 was $41,451 , $51,811 , and $35,449 , 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 calculate 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. Transaction gains and losses and remeasurement of assets and liabilities denominated in currencies other than an entity’s functional currency are included in other (expense) income, net in our consolidated statements of operations. Other (expense) income, net The following table summarizes the components of other (expense) income, net: Year Ended June 30, 2018 2017 2016 (Losses) gains on derivatives not designated as hedging instruments (1) $ (2,687 ) $ 936 $ 14,026 Currency-related (losses) gains, net (2) (19,500 ) 5,577 6,864 Other gains (3) 1,155 3,849 5,208 Total other (expense) income, net $ (21,032 ) $ 10,362 $ 26,098 _____________________ (1) Primarily relates to both realized and unrealized (losses) gains on derivative currency forward and option contracts not designated as hedging instruments. (2) We have significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. The currency-related gains (losses), net for the years ended June 30, 2018 and 2017 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge the remeasurement of certain intercompany loans, both presented in the same component above. Unrealized losses related to cross-currency swaps were $2,722 , $3,737 and $1,991 for the years ended June 30, 2018, 2017 and 2016 , respectively. (3) The gains recognized during the years ended June 30, 2018 and 2016, were primarily related to insurance recoveries of $675 and $3,947 , respectively. During the year ended June 30, 2017 , we recognized a gain of $2,268 related to the sale of Plaza Create Co. Ltd. available for sale securities. Net Income (Loss) Per Share Attributable to Cimpress N.V. Basic net income (loss) per share attributable to Cimpress N.V. is computed by dividing net income (loss) attributable to Cimpress N.V. by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net income (loss) per share attributable to Cimpress N.V. gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), restricted share awards ("RSAs") and performance share units ("PSUs"), if the effect of the securities is dilutive using the treasury stock method. Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive. The following table sets forth the reconciliation of the weighted-average number of ordinary shares: Year Ended June 30, 2018 2017 2016 Weighted average shares outstanding, basic 30,948,081 31,291,581 31,656,234 Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs (1) 1,272,320 — 1,393,220 Shares used in computing diluted net income (loss) per share attributable to Cimpress N.V. 32,220,401 31,291,581 33,049,454 Weighted average anti-dilutive shares excluded from diluted net income (loss) per share attributable to Cimpress N.V. 2,291 21,978 35,725 ______ (1) In the periods we report a net loss, the impact of share options, RSUs, and RSAs is not included as they are anti-dilutive. Compensation Expense Share-based compensation Compensation expense for all share-based awards is measured at fair value on the date of grant and recognized over the requisite service period. We recognize the impact of forfeitures as they occur. 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. The fair value of RSUs and RSAs is determined based on 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. For awards that are ultimately settleable 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. For awards with a performance condition vesting feature, compensation cost is recorded if it is probable that the performance condition will be achieved. In addition to a service vesting and market condition (based on the three year moving average of the Cimpress share price) contained in our standard performance share units, we also issue awards that contain financial performance conditions. These awards with a discretionary performance condition are subject to mark-to-market accounting |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We use a three-level valuation hierarchy for measuring fair value and include detailed financial statement disclosures about fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: June 30, 2018 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate swap contracts $ 13,370 $ — $ 13,370 $ — Currency forward contracts 9,202 — 9,202 — Currency option contracts 1,782 — 1,782 — Total assets recorded at fair value $ 24,354 $ — $ 24,354 $ — Liabilities Cross-currency swap contracts $ (25,348 ) $ — $ (25,348 ) $ — Currency forward contracts (14,201 ) — (14,201 ) — Currency option contracts (85 ) — (85 ) — Total liabilities recorded at fair value $ (39,634 ) $ — $ (39,634 ) $ — June 30, 2017 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate swap contracts $ 1,717 $ — $ 1,717 $ — Total assets recorded at fair value $ 1,717 $ — $ 1,717 $ — Liabilities Interest rate swap contracts $ (483 ) $ — $ (483 ) $ — Cross-currency swap contracts (19,760 ) — (19,760 ) — Currency forward contracts (14,700 ) — (14,700 ) — Currency option contracts (651 ) — (651 ) — Contingent consideration (5,453 ) — — (5,453 ) Total liabilities recorded at fair value $ (41,047 ) $ — $ (35,594 ) $ (5,453 ) During the years ended June 30, 2018 and 2017, there were no significant transfers in or out of Level 1, Level 2 and Level 3 classifications. The valuations of the derivatives intended to mitigate our interest rate and currency risk are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument. This analysis utilizes observable market-based inputs, including interest rate curves, interest rate volatility, or spot and forward exchange rates, and reflects the contractual terms of these instruments, including the period to maturity. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurement. However, as of June 30, 2018 , 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. 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. Certain contingent consideration obligations are valued using a Monte Carlo simulation model. 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. Our acquisition of WIRmachenDRUCK on February 1, 2016 included a variable contingent payment up to €40,000 based on the achievement of a cumulative gross profit target for calendar years 2016 and 2017. During the fourth quarter of fiscal 2017, we determined it was reasonably certain, based on recent performance, that the maximum earn-out would be achieved. On January 2, 2018, we paid the maximum amount of €40,000 ( $48,069 based on the exchange rate on the day of payment) and $5,951 of the amount paid is considered contingent consideration and included in the table below. The following table represents the changes in fair value of Level 3 contingent consideration : Total Contingent Consideration Balance at June 30, 2016 (1) $ 1,212 Fair value adjustment 4,030 Foreign currency impact 211 Balance at June 30, 2017 (1) $ 5,453 Fair value adjustment 220 Cash payments (5,951 ) Foreign currency impact 278 Balance at June 30, 2018 (1) $ — _____________________ (1) The contingent consideration relates to the WIRmachenDUCK earn-out arrangement, which was paid on January 2, 2018. As of June 30, 2017, contingent consideration was classified as a current liability on the consolidated balance sheet. As of June 30, 2016 the liability was classified as a long-term liability on the consolidated balance sheet. As of June 30, 2018 and June 30, 2017, the carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities approximated their estimated fair values. As of June 30, 2018 and June 30, 2017 the carrying value of our debt, excluding debt issuance costs and debt discounts, was $839,429 and $882,578 , respectively, and the fair value was $847,520 and $906,744 , respectively. Our debt at June 30, 2018 includes variable rate debt instruments indexed to LIBOR that resets periodically and 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 | 12 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Financial Instruments We use derivative financial instruments, such as interest rate swap contracts, cross-currency swap contracts, and currency forward and option contracts, to manage interest rate and foreign currency exposures. Derivatives are recorded in the consolidated balance sheets at fair value. If the derivative is designated as a cash flow hedge or net investment hedge, then the effective portion of changes in the fair value of the derivative is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings. If a derivative is deemed to be ineffective, then the ineffective portion of the change in fair value of the derivative is recognized directly in earnings. The change in the fair value of derivatives not designated as hedges is recognized directly in earnings, as a component of other (expense) income, net. Hedges of Interest Rate Risk We enter into interest rate swap contracts to manage variability in the amount of our known or expected cash payments related to a portion of our debt. Our objective in using interest rate swaps is to add stability to interest expense and to manage our exposure to interest rate movements. We designate our interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract agreements without exchange of the underlying notional amount. Realized gains or losses from interest rate swaps are recorded in earnings, as a component of interest expense, net. A portion of six of our interest rate swap contracts was deemed to be ineffective during the year ended June 30, 2018 and during the year ended June 30, 2017 a portion of two of our interest rate swap contracts was deemed to be ineffective. Amounts reported in accumulated other comprehensive loss 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, 2018 , we estimate that $730 of income will be reclassified from accumulated other comprehensive loss to interest expense during the twelve months ending June 30, 2019 . As of June 30, 2018 , we had nine outstanding interest rate swap contracts indexed to USD LIBOR. These instruments were designated as cash flow hedges of interest rate risk and have varying start dates and maturity dates through December 2025. Interest rate swap contracts outstanding: Notional Amounts Contracts accruing interest as of June 30, 2018 $ 115,000 Contracts with a future start date 300,000 Total $ 415,000 Hedges of Currency Risk Cross-Currency Swap Contracts From time to time, we execute cross-currency swap contracts designated as cash flow hedges or net investment hedges. Cross-currency swaps involve an initial receipt of the notional amount in the 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 contract. At maturity, the final exchange involves the receipt of our reporting currency in exchange for the notional amount in the hedged currency. Cross-currency swap contracts designated as cash flow hedges are executed to mitigate our currency exposure to the interest receipts as well as the principal remeasurement and repayment associated with certain intercompany loans denominated in a currency other than our reporting currency, the U.S. Dollar. As of June 30, 2018 , we had two outstanding cross-currency swap contracts designated as cash flow hedges with a total notional amount of $120,011 , both maturing during June 2019. We entered into the two cross-currency swap contracts to hedge the risk of changes in one Euro denominated intercompany loan entered into with one of our consolidated subsidiaries that has the Euro as its functional currency. Amounts reported in accumulated other comprehensive loss will be reclassified to other (expense) income, net as interest payments are accrued or paid and upon remeasuring the intercompany loan. As of June 30, 2018 , we estimate that $1,387 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending June 30, 2019 . Cross-currency swap contracts designated as net investment hedges are executed to mitigate our currency exposure of net investments in subsidiaries that have reporting currencies other than the U.S. Dollar. As of June 30, 2018 , we had two outstanding cross-currency swap contracts designated as net investment hedges with a total notional amount of $122,969 , both maturing during April 2019. We entered into the two cross-currency swap contracts to hedge the risk of changes in the U.S. Dollar equivalent value of a portion of our net investment in a consolidated subsidiary that has the Euro as its functional currency. Amounts reported in accumulated other comprehensive loss are recognized as a component of our cumulative translation adjustment. We did not hold any ineffective cross-currency swaps during the years ended June 30, 2018, 2017 and 2016 . Other Currency Contracts We execute currency forward and option contracts in order to mitigate our exposure to fluctuations in various currencies against our reporting currency, the U.S. Dollar. As of June 30, 2018 , we had six currency forward contracts designated as net investment hedges with a total notional amount of $175,262 , maturing during various dates through October 2022. We entered into these contracts to hedge the risk of changes in the U.S. Dollar equivalent value of a portion of our net investment in two consolidated subsidiaries that have Euro as their functional currency. Amounts reported in accumulated other comprehensive loss are recognized as a component of our cumulative translation adjustment. We have elected to not apply hedge accounting for all other currency forward and option contracts. During the years ended June 30, 2018, 2017 and 2016, we have experienced volatility within other (expense) income, net in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward and option contracts. We expect this volatility to continue in future periods for contracts for which we do not apply hedge accounting. Additionally, since our hedging objectives may be targeted at non-GAAP financial metrics that exclude non-cash items such as depreciation and amortization, we may experience increased, not decreased, volatility in our GAAP results as a result of our currency hedging program. As of June 30, 2018 , we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were used to hedge fluctuations in the U.S. Dollar value of forecasted transactions denominated in Australian Dollar, British Pound, Canadian Dollar, Danish Krone, Euro, Indian Rupee, Mexican Peso, New Zealand Dollar, Norwegian Krone, Philippine Peso and Swedish Krona: Notional Amount Effective Date Maturity Date Number of Instruments Index $606,461 March 2017 through June 2018 Various dates through June 2020 518 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, 2018 and June 30, 2017 . Our derivative asset and liability balances will fluctuate with interest rate and currency exchange rate volatility. June 30, 2018 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 Derivatives in cash flow hedging relationships Interest rate swaps Other current assets / other assets $ 13,374 $ (4 ) $ 13,370 Other current liabilities / other liabilities $ — $ — $ — Cross-currency swaps Other current assets — — — Other current liabilities (10,659 ) — (10,659 ) Derivatives in net investment hedging relationships Cross-currency swaps Other current assets — — — Other current liabilities (14,689 ) — (14,689 ) Currency forward contracts Other non-current assets — — — Other current liabilities / other liabilities (13,387 ) — (13,387 ) Total derivatives designated as hedging instruments $ 13,374 $ (4 ) $ 13,370 $ (38,735 ) $ — $ (38,735 ) Derivatives not designated as hedging instruments Currency forward contracts Other current assets / other assets $ 10,433 $ (1,231 ) $ 9,202 Other current liabilities / other liabilities $ (1,080 ) $ 266 $ (814 ) Currency option contracts Other current assets / other assets 1,782 — 1,782 Other current liabilities / other liabilities (85 ) — (85 ) Total derivatives not designated as hedging instruments $ 12,215 $ (1,231 ) $ 10,984 $ (1,165 ) $ 266 $ (899 ) June 30, 2017 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 Derivatives in cash flow hedging relationships Interest rate swaps Other non-current assets $ 2,072 $ (355 ) $ 1,717 Other current liabilities / other liabilities $ (483 ) $ — $ (483 ) Cross-currency swaps Other non-current assets — — — Other liabilities (7,640 ) — (7,640 ) Derivatives in net investment hedging relationships Cross-currency swaps Other non-current assets — — — Other liabilities (12,120 ) — (12,120 ) Currency forward contracts Other non-current assets — — — Other liabilities (9,896 ) — (9,896 ) Total derivatives designated as hedging instruments $ 2,072 $ (355 ) $ 1,717 $ (30,139 ) $ — $ (30,139 ) Derivatives not designated as hedging instruments Currency forward contracts Other current assets / other assets $ — $ — $ — Other current liabilities / other liabilities $ (8,033 ) $ 3,229 $ (4,804 ) Currency option contracts Other current assets / other assets — — — Other current liabilities / other liabilities (651 ) — (651 ) Total derivatives not designated as hedging instruments $ — $ — $ — $ (8,684 ) $ 3,229 $ (5,455 ) The following table presents the effect of the effective portion of our derivative financial instruments designated as hedging instruments and their classification within comprehensive income (loss) for the years ended June 30, 2018, 2017 and 2016 : Derivatives in Hedging Relationships Amount of Gain (Loss) Recognized in Comprehensive Income (Loss) on Derivatives Year Ended June 30, 2018 2017 2016 Derivatives in cash flow hedging relationships Interest rate swaps $ 8,545 $ 2,287 $ (1,736 ) Cross-currency swaps 2,976 (3,584 ) (769 ) Derivatives in net investment hedging relationships Cross-currency swaps (1,476 ) (3,721 ) 2,951 Currency forward contracts (3,490 ) (8,362 ) (81 ) $ 6,555 $ (13,380 ) $ 365 The following table presents reclassifications out of accumulated other comprehensive loss for the years ended June 30, 2018, 2017 and 2016 : Details about Accumulated Other Comprehensive Loss Components Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Affected line item in the Statement of Operations Year Ended June 30, 2018 2017 2016 Derivatives in cash flow hedging relationships Interest rate swaps $ 70 $ (205 ) $ (947 ) Interest expense, net Cross-currency swaps (1,379 ) (1,621 ) (1,171 ) Other (expense) income, net Total before income tax (1,309 ) (1,826 ) (2,118 ) Income (loss) before income taxes Income tax 349 457 531 Income tax expense Total $ (960 ) $ (1,369 ) $ (1,587 ) 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 the ineffective portion and de-designated derivative financial instruments that no longer qualify as hedging instruments in the period: Amount of Gain (Loss) Recognized in Net Income (Loss) Location of Gain (Loss) Recognized in Income (Ineffective Portion) Year Ended June 30, 2018 2017 2016 Derivatives not designated as hedging instruments Currency contracts $ (2,942 ) $ 663 $ 14,037 Other (expense) income, net Interest rate swaps 255 273 (11 ) Other (expense) income, net $ (2,687 ) $ 936 $ 14,026 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Loss The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $1,371 , $(710) , and $293 for the years ended June 30, 2018, 2017 and 2016 : Gains (losses) on cash flow hedges (1) Gains (losses) on available for sale securities Gains (losses) on pension benefit obligation Translation adjustments, net of hedges (2) Total Balance as of June 30, 2015 $ (1,405 ) $ 2,971 $ (3,112 ) $ (97,363 ) $ (98,909 ) Other comprehensive income (loss) before reclassifications (2,504 ) 517 561 (9,267 ) (10,693 ) Amounts reclassified from accumulated other comprehensive loss to net income (loss) 1,587 — — — 1,587 Net current period other comprehensive income (loss) (917 ) 517 561 (9,267 ) (9,106 ) Balance as of June 30, 2016 (2,322 ) 3,488 (2,551 ) (106,630 ) (108,015 ) Other comprehensive income (loss) before reclassifications (1,297 ) (5,756 ) 2,194 (4,161 ) (9,020 ) Amounts reclassified from accumulated other comprehensive loss to net income (loss) 1,369 2,268 — — 3,637 Net current period other comprehensive income (loss) 72 (3,488 ) 2,194 (4,161 ) (5,383 ) Balance as of June 30, 2017 (2,250 ) — (357 ) (110,791 ) (113,398 ) Amounts reclassified from accumulated other comprehensive loss to retained earnings (116 ) — — — (116 ) Other comprehensive income (loss) before reclassifications 11,521 — 59 32,782 44,362 Amounts reclassified from accumulated other comprehensive loss to net income (loss) (960 ) — 298 — (662 ) Net current period other comprehensive income (loss) 10,561 — 357 32,782 43,700 Balance as of June 30, 2018 $ 8,195 $ — $ — $ (78,009 ) $ (69,814 ) ________________________ (1) Gains (losses) on cash flow hedges include our interest rate swap and cross-currency swap contracts designated in cash flow hedging relationships. (2) As of June 30, 2018 , 2017 and 2016, the translation adjustment is inclusive of the effects of our net investment hedges, of which, unrealized losses of $22,014 , $17,048 , and $4,965 respectively, net of tax, have been included in accumulated other comprehensive loss. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
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 2018 2017 Land improvements 10 years $ 3,440 $ 2,235 Building and building improvements 10 - 30 years 310,947 319,822 Machinery and production equipment 4 - 10 years 299,760 274,813 Machinery and production equipment under capital lease 4 - 10 years 67,702 54,673 Computer software and equipment 3 - 5 years 166,523 165,812 Furniture, fixtures and office equipment 5 - 7 years 43,010 41,612 Leasehold improvements Shorter of lease term or expected life of the asset 53,753 51,582 Construction in progress 11,734 12,240 956,869 922,789 Less accumulated depreciation, inclusive of assets under capital lease (505,803 ) (443,273 ) 451,066 479,516 Land 32,598 32,431 Property, plant, and equipment, net $ 483,664 $ 511,947 Depreciation expense, inclusive of assets under capital leases, totaled $87,956 , $87,145 , and $76,435 for the years ended June 30, 2018, 2017 and 2016 , respectively. |
Business Combinations
Business Combinations | 12 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations and Divestitures Fiscal 2018 divestiture Divestiture of Albumprinter On August 31, 2017 we sold our Albumprinter business, including FotoKnudsen AS, for a total of €78,382 ( $93,071 based on the exchange rate as of the date of sale) in cash, net of transaction costs and cash divested (after $11,874 in pre-closing dividends). As a result of the sale, we recognized a gain of $47,545 , net of transaction costs, within our consolidated statement of operations for the year ended June 30, 2018 . In connection with the divestiture, we entered into an agreement with Albumprinter under which Albumprinter will continue to fulfill photo book orders for our Vistaprint business. Additionally, we agreed to provide Albumprinter with certain transitional support services for a period of up to one year from the date of the sale. The transaction did not qualify for discontinued operations presentation, and as of June 30, 2017, the Albumprinter business assets and liabilities were presented as held-for-sale in our consolidated balance sheet. Fiscal 2017 acquisition Acquisition of National Pen Co. LLC On December 30, 2016, we acquired 100% of the equity interests of National Pen Co. LLC, a manufacturer and marketer of custom writing instruments for small- and medium-sized businesses. At closing, we paid $214,573 in cash, subject to post closing adjustments based on acquired cash, debt and working capital balances. During the third quarter of fiscal 2017, we finalized and received payment for the post closing adjustment, which reduced the purchase price by $1,941 . The acquisition supports our strategy to build competitively differentiated supply chain capabilities that we can make available via our mass customization platform, which we bring to market through a portfolio of focused brands. We expect National Pen will also complement our organic investments in technology and supply chain capabilities for promotional products, apparel and gift offerings. The table below details the consideration transferred to acquire National Pen: Cash consideration $ 214,573 Final post closing adjustment (1,941 ) Total purchase price $ 212,632 The excess purchase price over the fair value of National Pen's net assets was recorded as goodwill, which is primarily attributable to the value of its workforce, its manufacturing and marketing process and know-how, as well as synergies which include leveraging National Pen's scale-based sourcing channels, integrating into our mass customization platform, and supporting the development of its e-commerce platform. We attributed $34,520 of goodwill to the National Pen reportable segment, and allocated $23,200 of goodwill to the Vistaprint segment for certain synergies that are expected to be realized by the Vistaprint segment as a result of the acquisition. The amount of goodwill that is deductible for tax purposes is approximately $19,000 . The fair value of the assets acquired and liabilities assumed was: Amount Weighted Average Useful Life in Years Tangible assets acquired and liabilities assumed (1): Cash and cash equivalents $ 8,337 n/a Accounts receivable, net 20,921 n/a Inventory 19,854 n/a Other current assets 11,281 n/a Property, plant and equipment, net 29,472 n/a Other non-current assets 1,270 n/a Accounts payable (12,590 ) n/a Accrued expenses (17,805 ) n/a Other current liabilities (908 ) n/a Deferred tax liabilities (3,255 ) n/a Long-term liabilities (9,665 ) n/a Identifiable intangible assets: Developed Technology 19,000 6 Trade Name 33,000 11 Customer Relationships 56,000 7 Goodwill 57,720 n/a Total purchase price $ 212,632 (1) National Pen has materially impacted our working capital balances post-acquisition, resulting in increased accounts receivable, inventory, accounts payable and accrued expenses balances in our consolidated balance sheet. National Pen Pro Forma Financial Information National Pen has been included in our consolidated financial statements starting on its acquisition date. The following unaudited pro forma financial information presents our results as if the National Pen acquisition had occurred on July 1, 2015. The pro forma financial information for all periods presented adjusts for the effects of material business combination items, including estimated amortization of acquired intangible assets and transaction related costs. The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisition been in effect for the periods presented as the pre-acquisition results include revenue and profit related to certain operations that are no longer active: Year Ended June 30, 2017 2016 Pro forma revenue $ 2,294,347 $ 2,060,426 Pro forma net (loss) income attributable to Cimpress N.V. (71,084 ) 41,370 We utilized proceeds from our credit facility in order to finance the acquisition. In connection with the acquisition, we incurred $2,005 in general and administrative expenses during the year ended June 30, 2017, primarily related to legal, financial, and other professional services. Fiscal 2016 acquisitions Acquisition of WIRmachenDRUCK GmbH On February 1, 2016, we acquired 100% of the outstanding shares of WIRmachenDRUCK GmbH, a web-to-print business focused primarily on the German market. At closing, we paid €138,383 ( $150,128 based on the exchange rate as of the date of acquisition) in cash and transferred €8,121 ( $8,810 based on the exchange rate as of the date of acquisition) in ordinary shares of Cimpress N.V. We paid €1,850 in cash ( $2,082 based on the exchange rate on the date of payment) during the fourth quarter of fiscal 2016 as a post-closing adjustment based on WIRmachenDRUCK's net cash and working capital position as of the acquisition date. In addition, we agreed to a sliding scale earn-out of up to €40,000 ( $43,395 based on the exchange rate as of the date of acquisition) based on the achievement of a cumulative gross profit target for calendar years 2016 and 2017. The maximum earn-out was paid in cash during the third quarter of 2018. Refer to Note 9 for additional discussion relating to the earn-out arrangement. The acquisition supports our strategy to invest in and build customer-focused entrepreneurial, mass customization businesses for the long-term, which we manage in a decentralized and autonomous manner and complements similar previous investments in Europe. WIRmachenDRUCK brings internet-based capabilities that aggregate and route large numbers of small orders to a network of specialized production partners. Their outsourced supply chain model allows them to compete across a vast selection of product types, formats, sizes, finishing options and delivery choices. Our consolidated financial statements include WIRmachenDRUCK from February 1, 2016, the date of acquisition. WIRmachenDRUCK's revenue included in our consolidated revenues for the year ended June 30, 2016 was $72,620 . WIRmachenDRUCK's net income included in our consolidated net income attributable to Cimpress N.V. for the year ended June 30, 2016 was $3,420 , inclusive of amortization of identifiable intangible assets but exclusive of earn-out related compensation expense and corporate level interest expense. The table below details the consideration transferred to acquire WIRmachenDRUCK: Cash consideration $ 152,100 Cimpress N.V. shares transferred 8,810 Fair value of contingent consideration 1,185 Total consideration $ 162,095 The excess of the purchase price paid over the fair value of WIRmachenDRUCK's net assets was recorded as goodwill, which is primarily attributed to expected expansion of the customer base and value of the workforce of WIRmachenDRUCK. Goodwill is not expected to be deductible for tax purposes, and has been attributed to our Upload and Print reportable segment. The fair value of the assets acquired and liabilities assumed was: Amount Weighted Average Useful Life in Years Tangible assets acquired and liabilities assumed Cash and cash equivalents $ 15,220 n/a Other current assets 5,231 n/a Other non-current assets 1,259 n/a Accounts payable and other current liabilities (17,566 ) n/a Deferred tax liability (26,863 ) n/a Identifiable intangible assets: Customer relationships 24,952 7 Trade name 24,952 15 Print network 23,867 9 Referral network 10,849 7 Developed technology 8,679 3 Goodwill 91,515 n/a Total purchase price $ 162,095 Other fiscal 2016 acquisitions During fiscal 2016, we acquired two businesses that were not material to our results either individually or in the aggregate. Complementing our Upload and Print segment, we acquired all of the outstanding capital stock of Tradeprint Distribution Limited (formerly known as Fairprint Distribution Limited) and Litotipografia Alcione S.r.l. on July 31, 2015 and July 29, 2015, respectively. The aggregate consideration for these two acquisitions was $25,547 , net of cash acquired. The consideration was allocated to the fair value of the assets acquired and liabilities assumed based on estimated fair values as of the respective acquisition dates. The aggregate allocation to goodwill, intangible assets, and net tangible assets was $9,571 , $14,359 and $1,617 , respectively. During the third quarter of fiscal 2017 we recognized a charge for the full impairment of goodwill and a portion of the intangible assets related to the Tradeprint reporting unit. Refer to our discussion in Note 8 for additional details of the impairment loss. Goodwill is calculated as the excess of the consideration over the fair value of the net assets, including intangible assets, and is primarily related to expected synergies from the transactions. The goodwill for these two acquisitions is not deductible for tax purposes, and has been attributed to our Upload and Print reportable segment. The results of these acquisitions have been included in the consolidated financial statements from the date of purchase and were not material for the year ended June 30, 2016 . We utilized proceeds from our credit facility to finance our fiscal 2016 acquisitions. In connection with these acquisitions, we incurred transaction costs related to investment banking, legal, financial, and other professional services of $1,289 during the year ended June 30, 2016. We have not presented pro forma results of the operations of the companies we acquired in fiscal 2016 because the effects of the acquired companies are not material to our consolidated financial statements. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Goodwill and Acquired Intangible Assets Goodwill The carrying amount of goodwill by reportable segment as of June 30, 2018 and June 30, 2017 is as follows: Vistaprint Upload and Print National Pen All Other Businesses Total Balance as of June 30, 2016 $ 121,752 $ 319,373 $ — $ 24,880 $ 466,005 Acquisitions (1) — — 57,720 — 57,720 Impairments (2) — (6,345 ) — — (6,345 ) Adjustments (3)(4) 23,200 (228 ) (23,200 ) (13,540 ) (13,768 ) Effect of currency translation adjustments (5) 2,255 9,005 — 91 11,351 Balance as of June 30, 2017 147,207 321,805 34,520 11,431 514,963 Adjustments (58 ) — (86 ) — (144 ) Effect of currency translation adjustments (5) (942 ) 6,966 — — 6,024 Balance as of June 30, 2018 $ 146,207 $ 328,771 $ 34,434 $ 11,431 $ 520,843 _________________ (1) Refer to Note 7 for additional details related to our acquisitions. (2) In fiscal 2017 we recorded an impairment charge of $6,345 related to our Tradeprint reporting unit. See below for additional details. (3) We allocated $23,200 of goodwill to the Vistaprint segment for certain synergies that are expected to be realized by the Vistaprint segment as a result of the National Pen acquisition. Refer to Note 7 for additional details. (4) Our Albumprinter business, part of our All Other Businesses reportable segment, was reclassified as held for sale on the consolidated balance sheet at June 30, 2017. The Albumprinter business was sold during the first quarter of fiscal 2018. Refer to Note 7 for additional details. (5) Related to goodwill held by subsidiaries whose functional currency is not the U.S. Dollar. Impairment Review Fiscal 2018 For our annual goodwill impairment test as of May 31, 2018, we evaluated each of our ten 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. After performing this qualitative assessment for seven of our reporting units, we determined that there was no indication the carrying values of those reporting units exceeded their respective fair values. Some of our reporting units are early-stage businesses that are subject to high degrees of risk and their business models continually evolve as they seek to establish foundations in large markets, resulting in greater volatility in their actual results and forecasted future results. We have a number of investments that fit this profile and we expect this type of volatility to prompt a quantitative analysis in our goodwill impairment testing from time to time. We performed a quantitative analysis for three such reporting units during this testing cycle in order to gain additional assurance there were no impairments. We estimated the fair value of each reporting unit, using the income approach, which was determined based on the present value of estimated future cash flows. The cash flow projections are based on our estimates of revenue growth rates and operating margins, taking into consideration recent business and market trends. The discount rates used were based on the weighted-average cost of capital adjusted for the related business-specific risks. For each of these reporting units, we compared the estimated fair value to the carrying value, and considered the estimated level of headroom. Based on the substantial level of headroom associated with each of these reporting units, we concluded there was no impairment. As a result of these qualitative and quantitative tests, there have been no identified impairments for the year ended June 30, 2018. Fiscal 2017 During the third quarter fiscal 2017, we changed the composition of our Tradeprint reporting unit (a part of our Upload and Print reportable segment). This change, when combined with an updated profit outlook that was lower than originally forecasted as of the acquisition date, indicated that it was more likely than not that the fair value of the reporting unit was below the carrying amount. As required, prior to performing the quantitative goodwill impairment test, we first evaluated the recoverability of the Tradeprint long-lived assets as the change in expected long-term cash flows was indicative of a potential impairment. We performed the recoverability test using undiscounted cash flows for our Tradeprint asset group and concluded that an impairment of long-lived assets existed. We proceeded to estimate the fair value the assets, using an income and cost approach based on market participant assumptions and recognized a partial impairment charge for our acquired intangible assets of $3,211 . Subsequent to performing the long-lived asset impairment test, we performed our goodwill impairment test which resulted in an additional impairment charge of the total goodwill of the Tradeprint reporting unit of $6,345 . In order to execute the quantitative goodwill impairment test, we compared the fair value of the Tradeprint reporting unit to its carrying value. We used the income approach, specifically the discounted cash flow method, to derive the fair value. This approach calculates fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. We selected this method as being the most meaningful in preparing our goodwill assessment as we believed the income approach most appropriately measured our income producing assets. We considered using the market approach but concluded it was not appropriate in valuing this particular reporting unit given the lack of relevant market comparisons available for application of the market approach. The cash flow projections in the Tradeprint fair value analysis are based on management's estimates of revenue growth rates and operating margins, taking into consideration historical results, as well as industry and market conditions. The discount rate is based on a weighted average cost of capital (“WACC”), which represented the average rate a business must pay its providers of debt and equity, plus a risk premium. The WACC of 11.5% used to test the Tradeprint goodwill was derived from a group of comparable companies. Acquired Intangible Assets June 30, 2018 June 30, 2017 Gross Accumulated Net Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade name $ 99,102 $ (23,821 ) $ 75,281 $ 97,728 $ (14,839 ) $ 82,889 Developed technology 55,460 (39,218 ) 16,242 55,423 (28,943 ) 26,480 Customer relationships 182,545 (70,655 ) 111,890 179,715 (44,475 ) 135,240 Customer network and other 16,289 (8,312 ) 7,977 16,291 (6,185 ) 10,106 Print network 25,716 (6,905 ) 18,811 25,171 (3,962 ) 21,209 Total intangible assets $ 379,112 $ (148,911 ) $ 230,201 $ 374,328 $ (98,404 ) $ 275,924 Acquired intangible assets amortization expense for the years ended June 30, 2018, 2017 and 2016 was $49,881 , $46,145 and $40,563 . During the year ended June 30, 2018, the increase in acquired intangible asset amortization is primarily related to our fiscal 2017 acquisition of National Pen. Estimated intangible assets amortization expense for each of the five succeeding fiscal years is as follows: 2019 $ 42,582 2020 37,967 2021 37,859 2022 36,297 2023 28,386 $ 183,091 |
Other Balance Sheet Components
Other Balance Sheet Components | 12 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Other Balance Sheet Components Accrued expenses included the following: June 30, 2018 June 30, 2017 Compensation costs $ 57,024 $ 54,487 Income and indirect taxes 33,557 34,469 Advertising costs 28,140 26,641 Production costs 8,903 7,472 Shipping costs 5,241 6,651 Sales returns 5,076 4,474 Purchases of property, plant and equipment 4,489 3,786 Professional fees 3,802 3,021 Interest payable 1,653 5,263 Other 38,776 29,303 Total accrued expenses $ 186,661 $ 175,567 Other current liabilities included the following: June 30, 2018 June 30, 2017 Short-term derivative liabilities $ 31,054 $ 7,243 Current portion of lease financing obligation 12,569 12,569 Current portion of capital lease obligations 10,747 11,573 Contingent earn-out liability (1) — 44,049 Mandatorily redeemable noncontrolling interest (2) — 901 Other 601 2,100 Total other current liabilities $ 54,971 $ 78,435 Other liabilities included the following: June 30, 2018 June 30, 2017 Long-term capital lease obligations $ 16,883 $ 28,306 Long-term derivative liabilities 10,080 31,936 Mandatorily redeemable noncontrolling interest (2) 4,366 2,456 Other (3) 38,195 31,985 Total other liabilities $ 69,524 $ 94,683 _______________________ (1) On January 2, 2018, we paid the WIRmachenDRUCK contingent earn-out liability, refer to the summary below for additional details. (2) Relates to the mandatorily redeemable noncontrolling interest of Printi LLC. The short-term liability as of June 30, 2017 was redeemed during the fourth quarter of fiscal 2018. Refer to Note 15 for additional details. (3) As of June 30, 2018 and 2017, other liabilities includes $15,464 and $8,713 , respectively, related to share-based compensation awards associated with our investment in Printi LLC. Refer to Note 15 for additional details. Contingent earn-out liability Under the original terms of the WIRmachenDRUCK earn-out arrangement, a portion of the earn-out attributed to the minority selling shareholders was included as a component of purchase consideration as of the acquisition date, with any subsequent changes to fair value recognized within general and administrative expense. This earn-out was previously calculated on a sliding scale, based on the achievement of cumulative gross profit against a predetermined target. The liability represented the present value of the agreed payment amount as of the respective date. We recognized $1,774 , $32,550 and $1,961 of expense during the years ended June 30, 2018, 2017 and 2016 , respectively, as part of general and administrative expense. We paid the maximum amount on January 2, 2018. Refer to Note 3 of the consolidated financial statements for additional details of this payment. |
Debt
Debt | 12 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Debt June 30, 2018 June 30, 2017 Senior secured credit facility $ 432,414 $ 600,037 7.0% Senior unsecured notes due 2026 (1) 400,000 — 7.0% Senior unsecured notes due 2022 (1) — 275,000 Other 7,015 7,541 Debt issuance costs and debt discounts (2) (12,585 ) (5,922 ) Total debt outstanding, net 826,844 876,656 Less: short-term debt (3) 59,259 28,926 Long-term debt $ 767,585 $ 847,730 _____________________ (1) On June 15, 2018, we completed a debt offering of $400,000 in aggregate principal amount of 7.0% senior notes due 2026. We used a portion of the net proceeds of this offering to extinguish the $275,000 of senior notes due 2022 and fund the satisfaction of the indenture governing those notes. (2) During the year ended June 30, 2018 , we capitalized $11,666 in debt issuance costs, which related to the private placement of our 7.0% senior unsecured notes due 2026, as well as the amendment to our senior secured credit facility. We wrote-off $3,164 of unamortized costs related to the redemption of our 7.0% Senior unsecured notes due 2022 and amendment to our senior unsecured credit facility. Refer below for additional details. (3) Balances as of June 30, 2018 and June 30, 2017 are inclusive of short-term debt issuance costs and debt discounts of $2,012 and $1,693 , respectively. Our Debt Our various debt arrangements described below contain customary representations, warranties and events of default. As of June 30, 2018 , we were in compliance with all financial and other covenants related to our debt. Indenture and Senior Unsecured Notes On June 15, 2018, we completed a private placement of $400,000 in aggregate principal amount of 7.0% senior unsecured notes due 2026 (the “2026 Notes”). We issued the 2026 Notes pursuant to a senior notes indenture dated as of June 15, 2018, among Cimpress N.V., our subsidiary guarantors, and MUFG Union Bank, N.A., as trustee (the "Indenture"). We used a portion of the net proceeds from the 2026 Notes to redeem all of the outstanding 7.0% senior unsecured notes due 2022 at a redemption price equal to 105.25% of the principal amount and all accrued unpaid interest. As a result of the redemption, we incurred a loss on the extinguishment of debt of $17,359 , which included the early redemption premium of $14,438 and the write-off of unamortized debt issuance costs of $2,921 . The remaining proceeds were used to repay a portion of the indebtedness outstanding under our revolving credit facility and pay all related fees and expenses. The 2026 Notes bear interest at a rate of 7.0% per annum and mature on June 15, 2026. Interest on the Notes is payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2018, to the holders of record of the 2026 Notes at the close of business on June 1 and December 1, respectively, preceding such interest payment date. The 2026 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 2026 Notes. The indenture under which the 2026 Notes are issued 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. We have the right to redeem, at any time prior to June 15, 2021, some or all of the 2026 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, we have the right to redeem, at any time prior to June 15, 2021, up to 40% of the aggregate outstanding principal amount of the 2026 Notes at a redemption price equal to 107% 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 June 15, 2021, 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 On June 14, 2018, we entered into an amendment to our senior secured credit facility resulting in an increase to aggregate loan commitments under the credit agreement to a total of $1,128,172 . The amendment also extended the tenor of our borrowings to a maturity date of June 14, 2023 and changed some additional terms. As of June 30, 2018 , we have a committed credit facility of $1,124,422 as follows: • Revolving loans of $839,422 with a maturity date of June 14, 2023 • Term loan of $285,000 amortizing over the loan period, with a final maturity date of June 14, 2023 Under the terms of our credit agreement, borrowings bear interest at a variable rate of interest based on LIBOR plus 1.375% to 2.0% . Interest rates prior to and after the amendment depend 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, 2018 , the weighted-average interest rate on outstanding borrowings was 3.77% , inclusive of interest rate swap rates. We are also required to pay a commitment fee on unused balances of 0.225% to 0.35% 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, 2018 . 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 certain fundamental organizational changes or intercompany activities, 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, 2023. The credit agreement also contains financial covenants calculated on a trailing twelve month, or TTM, basis that: • our consolidated leverage ratio, which is the ratio of our consolidated indebtedness (*) to our TTM consolidated EBITDA (*), will not exceed 4.75 , but may, on no more than three occasions during the term of the Credit Agreement, be increased to 5.00 for four consecutive quarters for certain permitted acquisitions; • 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, but may, on no more than three occasions during the term of the Credit Agreement, be increased to 3.50 for four consecutive quarters for certain permitted acquisitions. • our interest coverage ratio, which is the ratio of our consolidated EBITDA (*) to our consolidated interest expense, will be at least 3.00 . (*) The definitions of EBITDA and consolidated indebtedness are maintained in our credit agreement included as an exhibit to our Form 8-K filed on June 18, 2018. Other debt Other debt consists primarily of term loans acquired through our various acquisitions. As of June 30, 2018 and June 30, 2017 we had $7,015 and $7,541 , respectively, outstanding for those obligations that are payable through September 2024. |
Employees' Savings Plan
Employees' Savings Plan | 12 Months Ended |
Jun. 30, 2018 | |
Retirement Benefit Plans [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Employees’ Savings Plans Defined contribution plans We maintain certain government-mandated and defined contribution plans throughout the world. Our most significant defined contribution retirement plans are in the U.S. and comply with Section 401(k) of the Internal Revenue Code. We offer eligible employees in the U.S. the opportunity to participate in one of these plans and match most employees' eligible contributions at various rates subject to service vesting as specified in each of the related plan documents. We expensed $11,723 , $11,691 and $9,073 for our government-mandated and defined contribution plans in the years ended June 30, 2018, 2017 and 2016 , respectively. 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, 2018 and 2017 , the plan had an unfunded net pension obligation of approximately $1,268 and $1,658 , respectively, and plan assets which totaled approximately $3,050 and $3,920 , respectively. For the years ended June 30, 2018, 2017 and 2016 we recognized expense totaling $55 , $1,191 , and $1,820 , respectively, related to our Swiss plan. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jun. 30, 2018 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | Shareholders’ Equity Treasury shares On March 22, 2017, we announced that our Supervisory Board authorized the purchase of up to 6,300,000 of our ordinary shares and during the year ended June 30, 2018 , we purchased 452,820 shares under this authorization for a cost of $40,674 . On November 14, 2017, our Supervisory Board authorized the repurchase of up to 6,300,000 of our ordinary shares, which replaced the previous authorization. During the year ended June 30, 2018, we purchased 442,557 shares under this authorization for a cost of $54,036 . Share-based awards The 2016 Performance Equity Plan (the "2016 Plan") became effective upon shareholder approval on May 27, 2016 and allows us to grant PSUs, entitling the recipient to receive Cimpress ordinary shares based upon continued service to Cimpress and the achievement of objective, predetermined appreciation of Cimpress' three-year moving average share price. We may grant PSUs under the 2016 Plan to our employees, officers, directors (including members of the Management and Supervisory Boards), consultants, and advisors. Subject to adjustment in the event of stock splits, stock dividends and other similar events, we may make awards under the 2016 Plan for up to 8,000,000 of our ordinary shares. 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 allows us to grant share options to our non-employee directors 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 two additional plans with outstanding awards from which we will not grant any additional awards. An aggregate of 8,771,434 ordinary shares were available for future awards under all of our share-based award plans as of June 30, 2018 . For PSUs under our 2016 Plan, we assumed that we would issue ordinary shares equal to 250% of the outstanding PSUs, which is the maximum potential share issuance. A combination of new shares and treasury shares has historically been used in fulfillment of our share based awards. Share options We have granted 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 over 3 years for non-employee supervisory directors and over 4 years 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. 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. We did not grant any share options in fiscal 2018 or 2017 . Weighted-average values used for option awards in fiscal 2016 were as follows: Year Ended June 30, 2016 Risk-free interest rate 1.84 % Expected dividend yield — % Expected term (years) 6.00 Expected volatility 47 % Weighted average fair value of options granted $ 38.18 A summary of our share option activity and related information for the year ended June 30, 2018 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 2,138,426 $ 46.68 2.6 Granted — — Exercised (485,323 ) 39.63 Forfeited/expired (1,795 ) 57.67 Outstanding at the end of the period 1,651,308 $ 48.74 1.9 $ 158,887 Exercisable at the end of the period 1,563,489 $ 48.64 1.9 $ 150,589 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, 2018 . The total intrinsic value of options exercised during the fiscal years ended June 30, 2018, 2017 and 2016 was $46,853 , $25,566 , and $5,494 , respectively. Performance share units - 2016 Performance Equity Plan We began granting PSUs under our 2016 Plan during the first quarter of fiscal 2017. The PSU awards entitle the recipient to receive Cimpress ordinary shares between 0% and 250% of the number of units, based upon continued service to Cimpress and the achievement of a compounded annual growth rate target based on Cimpress' three-year moving average share price that will be assessed annually in years 6 - 10 following the grant date. The fair value of the PSUs is based on a Monte Carlo simulation, and the resulting expense is recognized on an accelerated basis over the requisite service period. During the first quarter of fiscal 2018, we issued supplemental performance share unit awards to certain members of management. In addition to a service vesting and market condition (based on the three year moving average of the Cimpress share price) contained in our PSUs, these supplemental awards also contain a multi-year financial performance condition. The evaluation of achievement of the performance condition is at the discretion of the Compensation Committee and, therefore, the awards are subject to mark-to-market accounting throughout the three year performance vesting period. As of June 30, 2018, we concluded that the achievement of the performance condition is probable. A summary of our PSU activity and related information for the fiscal year ended June 30, 2018 is as follows: PSUs Weighted- Aggregate Outstanding at the beginning of the period 375,038 $ 123.06 Granted 361,582 115.02 Vested and distributed — — Forfeited (55,857 ) 120.04 Outstanding at the end of the period 680,763 $ 119.04 $ 98,683 The weighted average fair value of PSUs granted during the fiscal years ended June 30, 2018 and 2017 , was $115.02 and $123.51 , respectively. The total intrinsic value of PSUs outstanding at the fiscal years ended June 30, 2018 and 2017 , was $98,683 and $35,452 , respectively. As of June 30, 2018 , the number of shares subject to PSUs included in the table above assumes the issuance of one share for each PSU, but based on actual performance that amount delivered can range from zero shares to a maximum of 1,701,908 shares. Restricted share units The fair value of an RSU award is equal to the fair market value of our ordinary shares on the date of grant and the expense is recognized on a straight-line basis over the requisite service period. RSUs generally vest over 2 years for non-employee directors and over 4 years 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, 2018 , we had 156,000 RSUs outstanding that were subject to various performance conditions. In July 2018, 140,000 of these RSUs were forfeited and the remaining shares vested during that period. A summary of our RSU activity and related information for the fiscal year ended June 30, 2018 is as follows: RSUs Weighted- Aggregate Unvested at the beginning of the period 334,370 $ 74.57 Granted — — Vested and distributed (98,039 ) 69.03 Forfeited (26,463 ) 78.39 Unvested at the end of the period 209,868 $ 76.67 $ 30,422 The weighted average fair value of RSUs granted during the fiscal years ended June 30, 2017 and 2016 was $97.25 and $75.63 , respectively. We did not grant any RSUs during the fiscal year ended June 30, 2018. The total intrinsic value of RSUs vested during the fiscal years ended June 30, 2018, 2017 and 2016 was $11,581 , $21,130 and $21,810 , respectively. Restricted share awards As part of our acquisition of Tradeprint during the first quarter of fiscal 2016, we issued 65,050 restricted ordinary shares. The fair value of the RSAs was determined based on our share price on the date of grant and is recognized as share-based compensation expense over the applicable service period. These awards generally vest over a 2 to 4 year period. A summary of our RSA activity and related information for the fiscal year ended June 30, 2018 is as follows: RSAs Weighted- Aggregate Unvested at the beginning of the period 12,437 $ 64.53 Granted — — Vested and distributed (4,146 ) 64.53 Forfeited — — Unvested at the end of the period 8,291 $ 64.53 $ 1,202 Share-based compensation Total share-based compensation costs were $50,466 , $48,627 and $23,828 for the years ended June 30, 2018, 2017 and 2016 , respectively, and we elected to recognize the impact of forfeitures as they occur. During the year ended June 30, 2018, we recognized $13,503 of share-based compensation expense related to the supplemental performance units issued during fiscal 2018. From time to time we issue awards that are considered liability-based awards as they are settleable in cash. As of June 30, 2018 , we have a liability-based award associated with our Printi LLC investment, accrued as part of other liabilities in the amount of $15,464 . Refer to Note 15 for additional details. Share-based compensation costs capitalized as part of software and website development costs were $1,607 , $1,546 and $832 for the years ended June 30, 2018, 2017 and 2016 , respectively. As of June 30, 2018 , there was $36,213 of total unrecognized compensation cost related to non-vested, share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 1.6 years . |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following is a summary of our income (loss) before income taxes by geography: Year Ended June 30, 2018 2017 2016 U.S. $ 9,183 $ 13,390 $ 23,057 Non-U.S. 57,183 (92,707 ) 43,038 Total $ 66,366 $ (79,317 ) $ 66,095 The components of the provision (benefit) for income taxes are as follows: Year Ended June 30, 2018 2017 2016 Current: U.S. Federal $ 446 $ (1,144 ) $ 7,915 U.S. State (117 ) 1,344 116 Non-U.S. 33,065 26,191 23,164 Total current 33,394 26,391 31,195 Deferred: U.S. Federal (6,673 ) (1,999 ) (2,353 ) U.S. State 2,306 (1,497 ) 13 Non-U.S. (9,449 ) (30,013 ) (13,171 ) Total deferred (13,816 ) (33,509 ) (15,511 ) Total $ 19,578 $ (7,118 ) $ 15,684 The following is a reconciliation of the standard U.S. federal statutory tax rate and our effective tax rate: Year Ended June 30, 2018 2017 2016 U.S. federal statutory income tax rate 28.0 % 35.0 % 35.0 % State taxes, net of federal effect (2.4 ) (0.1 ) 0.1 Tax rate differential on non-U.S. earnings (1.3 ) (15.5 ) (35.7 ) Goodwill impairment — (1.6 ) 16.1 Gain on sale of subsidiary 4.0 0.4 — Compensation related items (15.1 ) 7.4 (2.2 ) Change in valuation allowance 6.7 (21.9 ) 26.9 Nondeductible acquisition-related payments 3.6 (18.0 ) 4.0 U.S. tax reform 10.4 — — Notional interest deduction (Italy) (1.9 ) 5.0 (5.3 ) Net tax benefit on intellectual property transfer — 13.8 (17.7 ) Bonus depreciation (1.9 ) 0.5 — Tax on unremitted earnings 0.7 (1.6 ) 4.6 Nondeductible interest expense 2.9 (1.3 ) 0.2 Tax credits and incentives (4.8 ) 7.1 (4.0 ) Other 0.6 (0.2 ) 1.7 Effective income tax rate 29.5 % 9.0 % 23.7 % For the year ended June 30, 2018, our U.S. federal statutory tax rate was reduced from 35% to 28% as a result of the passage of U.S. tax reform during our second quarter of fiscal year 2018. Our effective tax rate for the year was slightly above our U.S. federal statutory tax rate primarily as a result of one-time tax adjustments described below. Excluding these adjustments, our effective tax rate would have been lower than the U.S. federal statutory tax rate primarily due to the majority of our pretax income being earned in jurisdictions outside the U.S. where the applicable tax rates are lower than the U.S. federal statutory tax rate. The jurisdictions that have the most significant impact to our non-U.S. tax provision include Australia, Canada, France, Germany, Ireland, Italy, the Netherlands, Spain and Switzerland. The applicable tax rates in these jurisdictions range from 10% - 34% . The total tax rate benefit from operating in non-U.S. jurisdictions is included in the line “Tax rate differential on non-U.S. earnings” in the above tax rate reconciliation table. For the year ended June 30, 2018 , our effective tax rate was 29.5% as compared to the prior year effective tax rate of 9.0% . The increase in our effective tax rate as compared to the prior year is primarily due to a less favorable geographic mix on increased profits, the unfavorable impact to our deferred tax assets as a result of U.S. tax reform, and the adoption of ASU 2016-16 that is described further below. If we had not adopted ASU 2016-16 in fiscal year 2018, tax expense would have been lower by $8,363 . In addition, we recognized a reduction to our deferred tax assets of $4,908 related to expected future changes to our U.S. state apportionment. These impacts were offset by increased share based compensation tax benefits of $12,802 as compared to $8,003 in fiscal 2017. Our fiscal year 2017 effective tax rate was lower than fiscal year 2016 due primarily to a consolidated loss and more favorable geographical mix of earnings in fiscal 2017 as compared to fiscal 2016. In addition, we recorded a larger goodwill impairment charge in fiscal year 2016 as compared to fiscal year 2017, which is non-deductible for tax purposes. This was offset by increased nondeductible acquisition-related charges in fiscal year 2017 as compared to fiscal year 2016. On December 22, 2017, H.R.1, originally known as the Tax Cuts and Jobs Act, ("The Act"), was signed into law, resulting in significant changes to U.S. federal tax law for corporations. Among these changes was the immediate reduction in the federal statutory tax rate from 35% to 21% . The impact of The Act to our fiscal 2018 tax provision was $5,752 of additional tax expense, primarily due to a one-time reduction to our existing U.S. deferred tax assets. In addition, we expect some impact on our future taxes as it relates to certain other aspects of The Act, including limitations on the deductibility of executive share-based compensation awards, U.S. interest expense and meals and entertainment expenses as well as immediate expensing of certain fixed assets. Due to our current operating structure, we expect many of the international aspects of The Act will have little to no effect on our tax balances in the future including, but not limited to, the mandatory one-time deemed repatriation tax on accumulated non-U.S. earnings ("Transition Tax") and the base-erosion anti-avoidance tax on excessive payments to non-U.S. related parties ("BEAT"). In response to The Act, the Securities and Exchange Commission issued Staff Accounting Bulletin 118 ("SAB 118"), to address the application of U.S. GAAP in situations where a company does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of The Act. SAB 118 allows us to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. Our tax balances have been adjusted based upon our interpretation of The Act, although the final impact on our tax balances may change due to the issuance of additional guidance, changes in our interpretation of The Act, changes in assumptions made by Cimpress, and actions Cimpress may take as a result of The Act. There have been no material changes to our tax balances as of June 30, 2018 as a result of changes to our interpretation of nor the issuance of new guidance on The Act. We will continue to review and assess the potential impact of any new information on our financial statement positions. In the first quarter of fiscal year 2018, we elected to early adopt ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory," which requires the immediate recognition for income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. Under the prior accounting rules, any resulting gain or loss and immediate tax impact on an intra-entity transfer is eliminated and not recognized in the consolidated financial statements. Instead, the tax effects are deferred and recognized over the economic lives of the transferred assets. The adoption of ASU 2016-16 has a significant impact to our tax balances, primarily as it relates to transfers of intellectual property from subsidiaries within the Cimpress group to our subsidiary based in Switzerland. Our subsidiary based in Switzerland is entitled to amortize the fair market value of the intellectual property received over five years for Swiss tax purposes. Following the adoption of ASU 2016-16, we eliminated $24,573 of tax assets associated with the deferred tax costs of the transferor entities and recorded $18,710 of deferred tax asset for the unamortized value of intellectual property of our subsidiary in Switzerland, with a cumulative-effect adjustment to retained earnings of $5,863 . The intellectual property amortization will reduce our deferred tax asset and will no longer impact our effective tax rate in fiscal 2018 and beyond. The net tax benefit recognized under the prior accounting associated with the amortization of the intellectual property was $12,926 and $12,764 in fiscal years 2017 and 2016, respectively and is included in the line "Net tax benefit on intellectual property transfer" in the above tax rate reconciliation table. In fiscal 2016 we adopted ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvement to Employee Share-Based Payment Accounting." This resulted in tax benefits of $12,802 , $8,003 and $3,456 recognized in income tax expense (benefit) in the consolidated statement of operations for the years ended June 30, 2018, 2017 and 2016 , respectively, which previously would have been recognized in additional paid-in capital in the consolidated balance sheet. In fiscal 2012, one of our subsidiaries purchased certain intellectual property and intangible assets of Webs, Inc. 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. Refer to Note 17 for additional information regarding this obligation. Significant components of our deferred income tax assets and liabilities consisted of the following at June 30, 2018 and 2017 : Year Ended June 30, 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 94,925 $ 85,728 Depreciation and amortization 3,211 2,331 Accrued expenses 6,023 6,478 Share-based compensation 17,194 20,999 Credit and other carryforwards 6,649 2,688 Derivative financial instruments 7,552 7,121 Other 3,206 3,060 Subtotal 138,760 128,405 Valuation allowance (58,716 ) (56,953 ) Total deferred tax assets 80,044 71,452 Deferred tax liabilities: Depreciation and amortization (54,102 ) (71,477 ) IP installment obligation (2,103 ) (6,460 ) Tax on unremitted earnings (4,592 ) (4,374 ) Derivative financial instruments (1,034 ) — Other (2,369 ) (1,880 ) Total deferred tax liabilities (64,200 ) (84,191 ) Net deferred tax assets (liabilities) $ 15,844 $ (12,739 ) In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some 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, China, India, and Japan) 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. In addition, we recognized a decrease in our valuation allowance related to the utilization of Dutch net operating losses against the taxable gain from the sale of our Albumprinter business. We have not recorded a valuation allowance against $44,092 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. We have recorded a full valuation allowance against $7,552 of 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 the deferred tax asset 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 on the balance sheet. Additionally, we have recorded a partial valuation allowance of $2,311 against a deferred tax asset related to U.S. state research and development credits for which management has determined that it is more likely than not that these credits will not be utilized within the applicable carryforward periods available under local law. No valuation allowance has been recorded against the $17,194 deferred tax asset associated with share-based compensation charges at June 30, 2018. 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, 2018, 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 on a quarterly basis. A reconciliation of the beginning and ending amount of the valuation allowance for the year ended June 30, 2018 is as follows: Balance at June 30, 2017 $ 56,953 Charges to earnings (1) 3,171 Charges to other accounts (2) (1,408 ) Balance at June 30, 2018 $ 58,716 _________________ (1) Amount is primarily related to U.S. state research and development credits and non-U.S. net operating losses. (2) Amount is primarily related to unrealized gains on cross-currency swap contracts included in other comprehensive income (loss) and a decrease in deferred tax assets on non-U.S. net operating losses due to currency exchange rate changes. The increase in net deferred tax assets during fiscal 2018 is primarily attributable to the adoption of ASU 2016-16 and increased tax losses in Switzerland, offset by the impact of U.S. tax reform. As of June 30, 2018, we had gross U.S. federal and state net operating losses of approximately $2,348 that expire on various dates from fiscal 2030 through fiscal 2038. We had gross non-U.S. net operating loss and other carryforwards of $621,297 , a significant amount of which begin to expire in fiscal 2021, with the remaining amounts expiring on various dates from fiscal 2019 through fiscal 2038 or with unlimited carryforward . In addition, we have $6,649 of tax credit carryforwards primarily related to U.S. federal and state research and development credits expiring on various dates beginning in fiscal 2030. The benefits of these carryforwards are dependent upon the generation of taxable income in the jurisdictions where they arose. We consider the following factors, among others, in evaluating our plans for indefinite reinvestment of our subsidiaries’ earnings: (i) the forecasts, budgets and financial requirements of both our parent company and its subsidiaries, both for the long term and for the short term; and (ii) the tax consequences of any decision to reinvest earnings of any subsidiary. As of June 30, 2018, no tax provision has been made for $29,406 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 cumulative deferred tax liability of $4,592 has been recorded attributable to undistributed earnings that we have deemed are no longer 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 June 30, 2015 $ 5,710 Additions based on tax positions related to the current tax year 328 Additions based on tax positions related to prior tax years 132 Reductions based on tax positions related to prior tax years (363 ) Reductions due to audit settlements (1,129 ) Reductions due to lapse of statute of limitations (429 ) Balance June 30, 2016 4,249 Additions based on tax positions related to the current tax year 632 Additions based on tax positions related to prior tax years 1,580 Reductions based on tax positions related to prior tax years (30 ) Reductions due to audit settlements (1,048 ) Balance June 30, 2017 5,383 Additions based on tax positions related to the current tax year 612 Additions based on tax positions related to prior tax years 93 Reductions based on tax positions related to prior tax years (261 ) Reductions due to audit settlements (31 ) Reductions due to lapse of statute of limitations (1,105 ) Cumulative translation adjustment 14 Balance June 30, 2018 $ 4,705 For the year ended June 30, 2018, the amount of unrecognized tax benefits (exclusive of interest) that, if recognized, would impact the effective tax rate is $4,442 . 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, 2018, 2017 and 2016 were $448 , $384 and $142 , respectively. It is reasonably possible that a further change in unrecognized tax benefits in the range of $700 to $900 may occur within the next twelve months related to the settlement of one or more audits or the lapse of applicable statutes of limitations. We believe we have appropriately provided for all tax uncertainties. We conduct business in a number of tax jurisdictions and, as such, are required to file income tax returns in multiple jurisdictions globally. The years 2015 through 2017 remain open for examination by the United States Internal Revenue Service (“IRS”) and the years 2012 through 2017 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 certain jurisdictions globally. We believe that our income tax reserves are adequately maintained taking into consideration both the technical merits of our tax return positions and ongoing developments in our income tax audits. However, the final determination of our tax return positions, if audited, is uncertain and therefore there is a possibility that final resolution of these matters could have a material impact on our results of operations or cash flows. |
Noncontrolling interest
Noncontrolling interest | 12 Months Ended |
Jun. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests In certain of our strategic investments we own a controlling equity stake, but a third party owns a minority portion of the equity. 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 SAS. The remaining 30% is considered a redeemable noncontrolling equity interest, as it is redeemable in the future and not solely within our control. The Exagroup noncontrolling interest, redeemable at a fixed amount of €39,000 , 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 carrying value. As of June 30, 2018 , the redemption value was less than the carrying value, and therefore no adjustment was required. On August 23, 2017, we sold approximately 12% of the outstanding shares of our WIRmachenDRUCK subsidiary for a total of €30,000 ( $35,390 based on the exchange rate on the date we received the proceeds). The minority equity interest is considered a redeemable noncontrolling interest, as it is redeemable for cash based on future financial results through put and call rights and not solely within our control. The noncontrolling interest was recorded at its fair value as of the sale date and will be adjusted to its redemption value on a periodic basis, with an offset to retained earnings, if that amount exceeds its carrying value. If the formulaic redemption value exceeds the fair value of the noncontrolling interest, then the accretion to redemption value will be offset to the net (income) loss attributable to noncontrolling interest in our consolidated statement of operations. As of June 30, 2018 , the redemption value was less than the carrying value, and therefore no adjustment was required. The following table presents the reconciliation of changes in our noncontrolling interests: Redeemable noncontrolling interests Noncontrolling interest Balance as of June 30, 2016 $ 65,301 $ 351 Capital contribution from noncontrolling interest 1,404 — Accretion to redemption value recognized in net loss attributable to noncontrolling interest (1) 372 — Net (loss) income attributable to noncontrolling interest (864 ) 4 Purchase of noncontrolling interests (2) (20,299 ) — Sale of noncontrolling interest — (90 ) Foreign currency translation (502 ) (52 ) Balance as of June 30, 2017 45,412 213 Net income attributable to noncontrolling interest 2,983 72 Proceeds from sale of noncontrolling interest 35,390 — Foreign currency translation 2,366 — Balance as of June 30, 2018 $ 86,151 $ 285 __________________ (1) Accretion to redemption value recognized in net loss attributable to noncontrolling interest is the result of the redemption amount estimated to be greater than both the carrying value and fair value of the noncontrolling interest. (2) During fiscal 2017, we purchased the Pixartprinting and Japanese joint venture noncontrolling interests for $10,947 and $9,352 , respectively. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Jun. 30, 2018 | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity Disclosure [Text Block] | Variable Interest Entity ("VIE") On August 7, 2014, we made a capital investment in Printi LLC, which operates in Brazil. This investment provided us access to a new market and the opportunity to drive longer-term growth in Brazil and other geographies as Printi expands internationally in the future. The shareholders of Printi 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. Based upon the level of equity investment at risk, Printi is considered a variable interest entity. Due to certain unilateral participating voting rights for certain transactions and the presence of a de facto agency relationship, we concluded that we were most exposed to the variability of the economics and therefore considered the primary beneficiary. During fiscal 2018, we purchased an additional 3.7% economic interest for $1,144 , resulting in a 53.69% equity interest as of June 30, 2018. In addition, we will acquire the remaining equity interest in Printi through a reciprocal put and call structure, exercisable from March 31, 2021 through a mandatory redemption date of July 31, 2023. As the remaining equity interests are mandatorily redeemable by all parties no later than a specified future date, the noncontrolling interest is within the scope of ASC 480 - "Distinguishing Liabilities from Equity" and is required to be presented as a liability on our consolidated balance sheet. As of June 30, 2018 and 2017, we adjusted the liability to fair value of $4,366 and $3,357 , respectively, using an option pricing model. The offsetting adjustments were recognized within interest expense, net during the year ended June 30, 2018 and additional paid in capital during the year ended June 30, 2017. During the year ended June 30, 2018, we recognized $2,153 within interest expense, net. We will continue to adjust the liability to its estimated redemption value each reporting period and recognize any changes within interest expense, net in our consolidated statement of operations. We also have liability-based awards for Printi restricted stock held by Printi employees that are fully vested and marked to fair value each reporting period until cash settlement. As of June 30, 2018 , through the use of an option pricing model, we estimated the current fair value of the restricted stock to be $15,464 and we have recognized $6,792 , $5,803 and $1,517 in general and administrative expense for the years ended June 30, 2018, 2017 and 2016 . We also have an arrangement to lend two Printi equity holders up to $24,000 that is payable on the date the put or call option is exercised, which will occur no later than July 31, 2023. As of June 30, 2018 , the long-term loan receivable, including accrued interest, is $22,234 and classified within other assets in our consolidated balance sheets. We did not have a long-term loan receivable as of June 30, 2017. The loans carry 8.5% annual interest, and are not contingent upon continued employment. We expect that the loan proceeds will be used to offset our purchase of the remaining noncontrolling interest in the future. |
Segment Information
Segment Information | 12 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our operating segments are based upon the manner in which our operations are managed and the availability of separate financial information reported internally to the Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”) for purposes of making decisions about how to allocate resources and assess performance. As of June 30, 2018 , we have numerous operating segments under our management reporting structure which are reported in the following four reportable segments: • Vistaprint - Includes the operations of our Vistaprint websites focused on 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. • Upload and Print - Includes the results of our druck.at, Easyflyer, Exagroup, Pixartprinting, Printdeal, Tradeprint, and WIRmachenDRUCK businesses. • National Pen - Includes the global operations of our National Pen businesses, which manufacture and market custom writing instruments and promotional products, apparel and gifts. • All Other Businesses - Includes the operations of our Printi, Vistaprint India, Vistaprint Japan and Corporate Solutions businesses. Printi is an online print business that operates primarily in the Brazil market, but is also expanding into the U.S. market. In Japan and India, we primarily operate under close derivatives of the Vistaprint business model and technology, albeit with decentralized, locally managed cross-functional operations in each country, and with product, content and service offerings which we tailor to the Japanese and Indian markets. Our Vistaprint Corporate Solutions business serves medium-sized businesses and larger corporations, as well as our legacy business with retail partners and franchise businesses, primarily through the "Vistaprint Corporate" brand. Our All Other Businesses segment also includes Albumprinter results through the divestiture date of August 31, 2017. Central and corporate consists primarily of the team of software engineers that is building our mass customization platform; shared service organizations such as global procurement; technology services such as hosting and security; administrative costs of our Cimpress India offices where numerous Cimpress businesses have dedicated business-specific team members; and corporate functions including our Supervisory Board, CEO, and the team members necessary for managing corporate activities, such as treasury, tax, capital allocation, financial consolidation, internal audit and legal. These costs also include certain unallocated share-based compensation costs. During the first quarter of fiscal 2018, we began presenting inter-segment fulfillment activity as revenue for the fulfilling business for purposes of measuring and reporting our segment financial performance. Any historical inter-segment fulfillment transactions were previously recognized as cost relief for the fulfilling business unit in our presentation to the CODM. We now recognize these transactions as inter-segment revenue for presentation to the CODM; for example, a third-party customer order received by our Corporate Solutions business that is fulfilled at one of our Vistaprint production facilities is recognized as inter-segment revenue for our Vistaprint business based on pricing and terms agreed upon between segment management. Inter-segment revenues are recognized only for transactions between our reportable segments and do not include any transactions between businesses within a reportable segment, which are eliminated within each reportable segment. Intercompany revenues are eliminated in our consolidated results. As part of these changes, we also recast historical segment results to ensure the consistent application of our current inter-segment revenue presentation. For the years ended June 30, 2017 and 2016 , we increased revenue for our Vistaprint business by $5,690 and $3,589 , respectively, with a corresponding increase to inter-segment eliminations. We also recast historical segment profitability for the allocation of certain IT costs, which previously burdened our Vistaprint business, but have now been allocated to each of our businesses. For the year ended June 30, 2017 , the cost allocation change resulted in an increase to Vistaprint segment profit of $2,494 , with a corresponding decrease to segment profit for Upload and Print of $644 , and All Other Businesses of $560 , and an increase to our Central and corporate cost center of $1,290 . For the year ended June 30, 2016 , the cost allocation change increased Vistaprint segment profit by $1,919 , decreased Upload and Print segment profit by $436 , and decreased All Other Businesses segment profit by $402 . The Central and corporate cost center absorbed an additional $1,080 of costs for the year ended June 30, 2016 as a result of the cost allocation change. For awards granted under our 2016 Performance Equity Plan, the PSU expense value is based on a Monte Carlo fair value analysis and is required to be expensed on an accelerated basis. In order to ensure comparability in measuring our businesses' results, we allocate the straight-line portion of the fixed grant value to our businesses. Any expense in excess of the amount as a result of the fair value measurement of the PSUs and the accelerated expense profile of the awards is recognized within Central and corporate costs. Segment profit (loss) is the primary profitability metric by which our CODM measures segment financial performance and allocates resources. Certain items are excluded from segment profit (loss), such as acquisition-related amortization and depreciation, expense recognized for contingent earn-out related charges, including the changes in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment, share-based compensation related to investment consideration, certain impairment expense, and restructuring charges. A portion of the interest expense associated with our Waltham lease is included as expense in segment profit (loss) and allocated based on headcount to the appropriate business or corporate and global function. The interest expense represents a portion of the cash rent payment and is considered an operating expense for purposes of measuring our segment performance. We do not allocate non-operating income to our segment results. Our All Other Businesses reportable segment includes our Printi, Vistaprint India, Vistaprint Japan and Vistaprint Corporate Solutions businesses that have operating losses as they are in the early stage of investment relative to the scale of the underlying businesses, which may limit its comparability to other segments regarding profit (loss). Our balance sheet information is not presented to the CODM on an allocated basis, and therefore we do not present asset information by segment. We do present other segment information to the CODM, which includes purchases of property, plant and equipment and capitalization of software and website development costs, and therefore include that information in the tables below. Revenue by segment is based on the business-specific websites or sales channel through which the customer’s order was transacted. The following tables set forth revenue, segment profit (loss), total income from operations and total income before income taxes. Year Ended June 30, 2018 2017 2016 Revenue: Vistaprint (1) $ 1,462,686 $ 1,310,975 $ 1,220,751 Upload and Print (2) 730,010 588,613 432,638 National Pen (3) 333,266 112,712 — All Other Businesses (4) 87,583 128,795 138,244 Total segment revenue 2,613,545 2,141,095 1,791,633 Inter-segment eliminations (21,004 ) (5,690 ) (3,589 ) Total consolidated revenue $ 2,592,541 $ 2,135,405 $ 1,788,044 _____________________ (1) Vistaprint segment revenues include inter-segment revenue of $10,542 , $5,690 and $3,589 for the years ended June 30, 2018, 2017 and 2016 . (2) Upload and Print segment revenues include inter-segment revenue of $1,521 for the year ended June 30, 2018 . No inter-segment revenue was recognized in the prior comparable periods. (3) National Pen segment revenues include inter-segment revenue of $2,956 for the year ended June 30, 2018 . No inter-segment revenue was recognized in the prior comparable periods. (4) All Other Businesses segment revenues include inter-segment revenue of $5,985 for the year ended June 30, 2018 . No inter-segment revenue was recognized in the prior comparable periods. Year Ended June 30, 2018 2017 2016 Segment profit (loss): Vistaprint $ 241,479 $ 167,687 $ 214,947 Upload and Print 79,310 63,189 58,207 National Pen 22,165 (2,225 ) — All Other Businesses (34,620 ) (31,307 ) (9,328 ) Total segment profit 308,334 197,344 263,826 Central and corporate costs (131,400 ) (118,093 ) (97,672 ) Acquisition-related amortization and depreciation (50,149 ) (46,402 ) (40,834 ) Earn-out related charges (1) (2,391 ) (40,384 ) (6,378 ) Share-based compensation related to investment consideration (6,792 ) (9,638 ) (4,835 ) Certain impairments (2) — (9,556 ) (41,820 ) Restructuring-related charges (15,236 ) (26,700 ) (381 ) Interest expense for Waltham, MA lease 7,489 7,727 6,287 Gain on the purchase or sale of subsidiaries (3) 47,945 — — Total income (loss) from operations 157,800 (45,702 ) 78,193 Other (expense) income, net (21,032 ) 10,362 26,098 Interest expense, net (53,043 ) (43,977 ) (38,196 ) Loss on early extinguishment of debt (17,359 ) — — Income (loss) before income taxes $ 66,366 $ (79,317 ) $ 66,095 ___________________ (1) Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment. (2) Includes the impact for certain impairments or abandonments of goodwill and other long-lived assets as defined by ASC 350 - "Intangibles - Goodwill and Other" or ASC 360 - "Property, Plant, and Equipment." year ended June 30, 2018 . Year Ended June 30, 2018 2017 2016 Depreciation and amortization: Vistaprint $ 65,311 $ 63,923 $ 40,686 Upload and Print 59,599 56,073 47,696 National Pen 21,546 10,269 — All Other Businesses 9,609 15,074 18,111 Central and corporate costs 12,940 13,061 25,425 Total depreciation and amortization $ 169,005 $ 158,400 $ 131,918 Year Ended June 30, 2018 2017 2016 Purchases of property, plant and equipment: Vistaprint $ 35,265 $ 38,434 $ 32,028 Upload and Print 16,212 14,875 15,652 National Pen 6,565 3,714 — All Other Businesses 1,680 12,735 19,160 Central and corporate costs 1,208 4,399 13,595 Total purchases of property, plant and equipment $ 60,930 $ 74,157 $ 80,435 Year Ended June 30, 2018 2017 2016 Capitalization of software and website development costs: Vistaprint $ 24,794 $ 23,624 $ 11,390 Upload and Print 4,010 4,173 3,000 National Pen 1,482 — — All Other Businesses 2,336 1,568 2,032 Central and corporate costs 8,225 7,942 9,902 Total capitalization of software and website development costs $ 40,847 $ 37,307 $ 26,324 Enterprise Wide Disclosures: The following tables set forth revenues by geographic area and groups of similar products and services: Year Ended June 30, 2018 2017 2016 United States $ 1,078,544 $ 901,061 $ 781,335 Germany (1) 340,881 256,069 125,356 Other (2) 1,173,116 978,275 881,353 Total revenue $ 2,592,541 $ 2,135,405 $ 1,788,044 Year Ended June 30, 2018 2017 2016 Physical printed products and other (3) $ 2,537,201 $ 2,076,564 $ 1,724,676 Digital products/services 55,340 58,841 63,368 Total revenue $ 2,592,541 $ 2,135,405 $ 1,788,044 __________________ (1) Our revenues within the German market exceeded 10% of our total consolidated revenue. Therefore we have presented Germany as a significant geographic area. (2) Our other revenue includes the Netherlands, our country of domicile. (3) 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, 2018 June 30, 2017 Long-lived assets (1): Netherlands $ 109,556 $ 83,223 Canada 81,334 85,926 Switzerland 52,523 49,017 United States 45,709 64,034 Italy 42,514 44,423 Australia 22,418 22,961 Jamaica 21,720 21,492 France 20,131 22,794 Japan 19,117 20,686 Other 67,842 64,377 Total $ 482,864 $ 478,933 ___________________ (1) Excludes goodwill of $520,843 and $514,963 , intangible assets, net of $230,201 and $275,924 , the Waltham lease asset of $111,926 and $116,045 , and deferred tax assets of $67,087 and $48,004 as of June 30, 2018 and June 30, 2017 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2018 | |
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 2. Total lease expense, net of sublease income, for the years ended June 30, 2018, 2017 and 2016 was $14,231 , $13,959 and $12,943 , respectively. We lease certain machinery and plant equipment, as well as buildings, under both capital and operating lease agreements that expire at various dates through 2027. The aggregate carrying value of the leased buildings and equipment under capital leases included in property, plant and equipment, net in our consolidated balance sheet at June 30, 2018 , is $31,032 , net of accumulated depreciation of $36,670 ; 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, 2018 amounts to $27,630 . Operating lease obligations Build-to-suit lease obligation (1) Capital lease obligation Total lease obligations 2019 $ 22,623 $ 12,569 $ 10,850 $ 46,042 2020 18,562 12,569 7,527 38,658 2021 13,143 12,569 4,037 29,749 2022 8,282 12,569 1,869 22,720 2023 6,526 10,788 1,026 18,340 Thereafter 7,702 35,616 2,287 45,605 Total $ 76,838 $ 96,680 $ 27,596 $ 201,114 __________ (1) Minimum payments relate to our Waltham lease obligation, refer to Note 2 for additional details. Purchase Obligations At June 30, 2018 , we had unrecorded commitments under contract of $57,291 including commitments for third-party web services of $21,000 . In addition, we had purchase commitments for production and computer equipment purchases of approximately $8,231 , inventory and third-party fulfillment purchase commitments of $8,361 , commitments for advertising campaigns of $2,153 , professional and consulting fees of $3,559 , and other unrecorded purchase commitments of $13,987 . Debt The required principal payments due during the next five fiscal years and thereafter under our outstanding long-term debt obligations at June 30, 2018 are as follows: 2019 $ 61,225 2020 31,405 2021 38,713 2022 45,902 2023 261,775 Thereafter 400,409 Total $ 839,429 On June 14, 2018, we executed an amendment to our senior secured credit facility, and we expanded the total capacity to $1,128,172 , which included $839,422 of revolving loans and $288,750 of term loans. The amendment also extended the maturity date of the senior secured credit facility to June 14, 2023. Refer to Note 10 for additional details related to the amendment. Other Obligations We have an outstanding installment obligation of $2,103 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, 2018 . In addition, we have deferred payments related to our other acquisitions of $3,457 in aggregate. 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. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Jun. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Charges Restructuring costs include one-time employee termination benefits, acceleration of share-based compensation, and other related costs including third-party professional and outplacement services. The restructuring charges included in our consolidated statement of operations for the years ended June 30, 2018, 2017 and 2016 were $15,236 , $26,700 and $381 , respectively. During the year ended June 30, 2018 , we recognized restructuring charges of $15,236 , which included $12,112 related to our Vistaprint reorganization for reductions in headcount and other operating costs. These changes simplified operations and more closely aligned functions to increase the speed of execution. We also recognized $2,249 of restructuring charges within the central and corporate group, as well as $819 of expense for an initiative within our All Other Businesses reportable segment. During the year ended June 30, 2018 , we recognized changes in estimates of $56 from our January 2017 restructuring initiative. We do not expect any material charges to be incurred in future periods related to each of these initiatives. During the year ended June 30, 2017, the Supervisory Board of Cimpress N.V. approved a plan to restructure the company and implement organizational changes that decentralized the company’s operations in order to improve accountability for customer satisfaction and capital returns, simplify decision-making, and improve the speed of execution. This restructuring event resulted in additional costs, within our corporate and global functions cost center of $25,584 for the year ended June 30, 2017 . In addition, for the year ended June 30, 2017 we recognized $1,116 of restructuring costs within our National Pen business related to a separate initiative. These restructuring initiatives were completed during fiscal 2017. The following table summarizes the restructuring activity during the years ended June 30, 2018 and 2017: Severance and Related Benefits Other Restructuring Costs Total Accrued restructuring liability as of June 30, 2016 $ — $ — $ — Restructuring charges 24,020 2,680 26,700 Cash payments (13,161 ) (1,861 ) (15,022 ) Non-cash charges (1) (6,257 ) (611 ) (6,868 ) Accrued restructuring liability as of June 30, 2017 (1) 4,602 208 4,810 Restructuring charges 15,236 — 15,236 Cash payments (17,136 ) (206 ) (17,342 ) Non-cash charges (1) (1,317 ) — (1,317 ) Accrued restructuring liability as of June 30, 2018 $ 1,385 $ 2 $ 1,387 ___________________ (1) Non-cash charges include acceleration of share-based compensation expenses. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Data (unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Data (unaudited) Year Ended June 30, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 563,284 $ 762,054 $ 636,069 $ 631,134 Cost of revenue 283,755 360,285 319,209 316,550 Net income (loss) 23,406 30,623 (1,602 ) (5,639 ) Net income (loss) attributable to Cimpress N.V. 23,363 29,935 (2,265 ) (7,300 ) Net income (loss) per share attributable to Cimpress N.V.: Basic $ 0.75 $ 0.96 $ (0.07 ) $ (0.24 ) Diluted $ 0.72 $ 0.93 $ (0.07 ) $ (0.24 ) Year Ended June 30, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 443,713 $ 576,851 $ 550,585 $ 564,256 Cost of revenue 213,050 276,366 268,482 279,077 Net income (loss) (30,030 ) 35,022 (42,678 ) (34,513 ) Net income (loss) attributable to Cimpress N.V. (29,103 ) 35,028 (42,934 ) (34,702 ) Net income (loss) per share attributable to Cimpress N.V.: Basic $ (0.92 ) $ 1.12 $ (1.38 ) $ (1.11 ) Diluted $ (0.92 ) $ 1.07 $ (1.38 ) $ (1.11 ) 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, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On July 2, 2018, we invested $29,000 in exchange for approximately 74% in VIDA Group Co., a rapidly growing startup that brings manufacturing access and an e-commerce marketplace to artists, thereby enabling artists to convert ideas into beautiful, original products for customers, ranging from custom fashion, jewelry and accessories to home accent pieces. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
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 cannot exercise significant influence, and the related equity securities do not have a readily determinable fair value, are accounted for using the cost method and are included in other assets on the consolidated balance sheets. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with 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, 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 $90 and $520 as of June 30, 2018 and 2017 , 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. On December 22, 2016, we sold all of our Plaza Create Co. Ltd. common shares, which were classified as held for sale. We recognized a net gain of $2,268 as part of other (expense) income, net on our statement of operations for the year ended June 30, 2017. We did not sell marketable securities during the years ended June 30, 2018 or 2016. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Accounts receivable includes amounts due from customers. 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 net realizable 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 2018 or 2017 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. |
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, which is generally over a three year period. 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, 2018, 2017 and 2016 was $31,332 , $24,571 and $14,355 , respectively, resulting in accumulated amortization of $84,279 and $59,554 at June 30, 2018 and 2017, respectively. |
Lessee, Leases [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 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. |
Business Insurance Recoveries [Text Block] | Insurance Recoveries Insurance proceeds related to incurred losses are recognized when recovery is probable, while business interruption recoveries follow the gain contingency model and are recognized when realized or realizable and earned. During the years ended June 30, 2018, 2017 and 2016, we received insurance proceeds of $327 , $829 and $11,943 , respectively, which were used to offset any incurred losses, relating to the write-off of the net book value of damaged machinery, equipment and inventory and property-related cleanup costs, as well as claim preparation costs. We also recognized net gains within other (expense) income, net of $675 , $807 and $3,947 , respectively, which includes the recovery of business interruption lost profits and the recovery of the replacement value of damaged machinery and equipment in excess of carrying value. As of June 30, 2018, all of these claims are closed. |
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 using the income approach to value the trade names, customer relationships and customer network and a replacement cost approach to value developed technology and our print network. 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. We 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. 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 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. During the year ended June 30, 2017, we recognized a partial impairment charge for the acquired intangible assets of our Tradeprint reporting unit of $3,211 . Refer to Note 8 for additional information. We recognized no impairment charges for acquired intangible assets in the other periods presented. During the years ended June 30, 2017 and 2016 we committed to plans to abandon certain manufacturing equipment and recognized losses of $2,408 and $10,979 , respectively. The related loss during the year ended June 30, 2017 was recognized in cost of revenue, technology and development expense, and restructuring expense for $1,119 , $678 , and $611 , respectively, while the entire loss for the previous year was allocated to cost of revenue. We did not recognize any abandonment charges during the fiscal year ended June 30, 2018. |
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. Assets acquired 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 or by using a Monte Carlo simulation model. 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 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 record an impairment loss equal to the difference. Refer to Note 8 for additional information. |
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 on a straight-line basis through the maturity date of the related debt instrument. During the years ended June 30, 2018 and 2017 , we capitalized debt issuance costs related to the refinancing of our senior secured credit facility and senior unsecured notes of $11,666 and $229 , respectively. Amortization expense and the write-off of costs related to debt modifications are included in interest expense, net in the consolidated statements of operations and amounted to $1,821 , $1,578 , and $1,588 , for the years ended June 30, 2018, 2017 and 2016 , respectively. During the year ended June 30, 2018, we also expensed $2,921 of unamortized costs related to the extinguishment of our senior unsecured notes, which has been presented separately in the consolidated statements of operations as part of loss on early extinguishment of debt. Refer to Note 10 for additional information. Unamortized debt issuance costs were $12,585 and $5,661 as of June 30, 2018 and 2017 , 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. |
Derivatives, Reporting of Derivative Activity [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 cross-currency swap 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, while any ineffective portion is recognized directly in earnings, as a component of other (expense) income, net. 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 and currency forward 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 (expense) income, net. 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 (expense) income, 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. |
Mandatorily Redeemable Noncontrolling Interest [Policy Text Block] | Mandatorily Redeemable Noncontrolling Interest Noncontrolling interests held by third parties in consolidated subsidiaries are considered mandatorily redeemable when they are subject to an unconditional obligation to be redeemed by both parties. The redeemable noncontrolling interest must be required to be repurchased on a specified date or on the occurrence of a specified event that is certain to occur and are to be redeemed via the transfer of assets. Mandatorily redeemable noncontrolling interests are presented as liability-based financial instruments and are re-measured on a recurring basis to the expected redemption value. During the year ended June 30, 2017, the terms of our arrangement with the shareholders of Printi LLC were amended, resulting in the inclusion of a mandatory redemption feature as part of the amended arrangement. Refer to Note 15 for additional details. |
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 (loss), 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 as consideration for some of our acquisition transactions. Upon issuance of treasury shares we determine the cost using the average cost method. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Our businesses 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. |
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 presented as a separate financial statement line within our consolidated statement of operations. |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense Our advertising costs are primarily expensed as incurred and included in marketing and selling expense. We capitalize direct response advertising, which consists of customized product sample mailings, and amortize over the expected future revenue stream. Amortization of capitalized advertising costs is determined using historical revenue data. The capitalized costs of direct response advertising are amortized, commencing with the date the product samples are mailed. Capitalized direct response advertising costs included in prepaid expenses and other current assets as of June 30, 2018 and June 30, 2017 was $4,220 and $4,861 , respectively. These capitalized costs relate to direct response marketing initiatives of our National Pen business. As part of our adoption of Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (ASU 2014-09) in the first quarter of fiscal 2019, these costs will no longer be capitalized as direct response advertising costs, and will be expensed as incurred. Refer below to the recently issued or adopted accounting pronouncements section for additional details relating to the new standard. Advertising expense for the years ended June 30, 2018, 2017 and 2016 was $432,546 , $363,936 , and $305,701 , respectively, which consisted of external costs related to customer acquisition and retention marketing campaigns. |
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, 2018, 2017 and 2016 was $41,451 , $51,811 , and $35,449 , respectively, which consisted of costs related to enhancing our manufacturing engineering and technology capabilities. |
Income Tax, Policy [Policy Text Block] | Income Taxes As part of the process of preparing our consolidated financial statements, we calculate 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 Transactions and Translations Policy [Policy Text Block] | 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. Transaction gains and losses and remeasurement of assets and liabilities denominated in currencies other than an entity’s functional currency are included in other (expense) income, net in our consolidated statements of operations. |
Other Income (expense), net [Policy Text Block] | Other (expense) income, net The following table summarizes the components of other (expense) income, net: Year Ended June 30, 2018 2017 2016 (Losses) gains on derivatives not designated as hedging instruments (1) $ (2,687 ) $ 936 $ 14,026 Currency-related (losses) gains, net (2) (19,500 ) 5,577 6,864 Other gains (3) 1,155 3,849 5,208 Total other (expense) income, net $ (21,032 ) $ 10,362 $ 26,098 _____________________ (1) Primarily relates to both realized and unrealized (losses) gains on derivative currency forward and option contracts not designated as hedging instruments. (2) We have significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. The currency-related gains (losses), net for the years ended June 30, 2018 and 2017 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge the remeasurement of certain intercompany loans, both presented in the same component above. Unrealized losses related to cross-currency swaps were $2,722 , $3,737 and $1,991 for the years ended June 30, 2018, 2017 and 2016 , respectively. (3) The gains recognized during the years ended June 30, 2018 and 2016, were primarily related to insurance recoveries of $675 and $3,947 , respectively. During the year ended June 30, 2017 , we recognized a gain of $2,268 related to the sale of Plaza Create Co. Ltd. available for sale securities. |
Net Income Per Share | Net Income (Loss) Per Share Attributable to Cimpress N.V. Basic net income (loss) per share attributable to Cimpress N.V. is computed by dividing net income (loss) attributable to Cimpress N.V. by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net income (loss) per share attributable to Cimpress N.V. gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), restricted share awards ("RSAs") and performance share units ("PSUs"), if the effect of the securities is dilutive using the treasury stock method. Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive. The following table sets forth the reconciliation of the weighted-average number of ordinary shares: Year Ended June 30, 2018 2017 2016 Weighted average shares outstanding, basic 30,948,081 31,291,581 31,656,234 Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs (1) 1,272,320 — 1,393,220 Shares used in computing diluted net income (loss) per share attributable to Cimpress N.V. 32,220,401 31,291,581 33,049,454 Weighted average anti-dilutive shares excluded from diluted net income (loss) per share attributable to Cimpress N.V. 2,291 21,978 35,725 ______ (1) In the periods we report a net loss, the impact of share options, RSUs, and RSAs is not included as they are anti-dilutive. |
Share-Based Compensation | Share-based compensation Compensation expense for all share-based awards is measured at fair value on the date of grant and recognized over the requisite service period. We recognize the impact of forfeitures as they occur. 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. The fair value of RSUs and RSAs is determined based on 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. For awards that are ultimately settleable 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. For awards with a performance condition vesting feature, compensation cost is recorded if it is probable that the performance condition will be achieved. In addition to a service vesting and market condition (based on the three year moving average of the Cimpress share price) contained in our standard performance share units, we also issue awards that contain financial performance conditions. These awards with a discretionary performance condition are subject to mark-to-market accounting throughout the performance vesting period. The compensation expense for these awards is estimated at fair value using a Monte Carlo simulation valuation model and compensation costs are recorded only if it is probable that the performance condition will be achieved. We are required to reassess the probability each reporting period. If we determine the awards are not probable at some point during the performance vesting period we would reverse any expense recognized to date. |
Compensated Absences Policy [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 do not have any customers that accounted for greater than 10% of our accounts receivable as of June 30, 2018 and 2017. We do not have any customers that accounted for greater than 10% of our revenue for the years ended June 30, 2018, 2017 and 2016. 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. |
Waltham and Lexington Lease Arrangements Disclosure [Text Block] | Waltham Lease Arrangement In July 2013, we executed a lease agreement to move our Lexington, Massachusetts, USA operations to a then yet to be constructed facility in Waltham, Massachusetts, USA. During the first quarter of fiscal 2016, the building was completed and we commenced lease payments in September 2015 and will make lease payments through September 2026. For accounting purposes, we were deemed to be the owner of the Waltham building during the construction period, and accordingly we recorded the construction project costs incurred by the landlord as an asset with a corresponding financing obligation on our balance sheet. We evaluated the Waltham lease in the first quarter of fiscal 2016 and determined that the transaction did not meet the criteria for "sale-leaseback" treatment due to our planned subleasing activity over the term of the lease. Accordingly, we began depreciating the asset and incurring interest expense related to the financing obligation recorded on our consolidated balance sheet. We bifurcate the lease payments pursuant to the Waltham 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 was constructed. The portion of the lease obligations allocated to the land is treated as an operating lease that commenced in fiscal 2014. Property, plant and equipment, net, included $111,926 and $116,045 as of June 30, 2018 and June 30, 2017 , respectively, related to the building. The financing lease obligation and deferred rent credit related to the building on our consolidated balance sheets was $115,312 and $119,176 as of June 30, 2018 and June 30, 2017 , respectively. |
Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements New Accounting Standards Adopted In October 2016, the FASB issued Accounting Standards Update No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory" (ASU 2016-16), which requires the recognition for income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. We elected to early adopt the new standard during the first quarter of fiscal 2018, and recognized a reduction to prepaid and other current assets of $24,573 , an increase in deferred tax assets of $18,710 and a cumulative-effect adjustment to retained earnings of $5,863 . If we had not early adopted, the fiscal 2018 tax expense would be lower by $8,363 . In February 2018, the FASB issued Accounting Standards Update No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" (ASU 2018-02), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act. We elected to early adopt the new standard during the fourth quarter of fiscal 2018, and reclassified the income tax effects from accumulated other comprehensive income to retained earnings in the amount of $116 . We do not expect any additional impacts from the new standard. Issued Accounting Standards to be Adopted In August 2017, the FASB issued Accounting Standards Update No. 2017-12, "Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815)," (ASU 2017-12), which better aligns a company’s financial reporting for hedging activities with the economic objectives of those activities. The amendment is effective for us on July 1, 2019 and permits early adoption, including adoption in an interim period. The standard requires a modified retrospective transition approach, in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. We do not expect this standard to have material impact on our consolidated financial statements. In May 2017, the FASB issued Accounting Standards Update No. 2017-09, "Compensation - Stock Compensation (Topic 718)," (ASU 2017-09), which clarifies the application of Topic 718 when accounting for changes in the terms and conditions of a share-based payment award. The new standard requires changes to the terms or conditions of a share-based payment award to be accounted for under modification accounting unless there is no change to the fair value, vesting conditions and classification of the award after modification. The amendment is effective for us and will be adopted on July 1, 2018. The amendment is to be applied prospectively, and we do not expect it to have a material impact on our consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Topic 230) Restricted Cash" (ASU 2016-18), which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendment is effective for us and will be adopted on July 1, 2018. This amendment will affect the presentation of our statement of cash flows once adopted, and we do not expect it to have material impact on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-04, "Liabilities - Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products" (ASU 2016-04), which requires an entity to recognize breakage for a liability resulting from the sale of a prepaid stored-value product in proportion to the pattern of rights expected to be exercised by the product holder only to the extent that it is probable that a significant reversal of the recognized breakage amount will not subsequently occur. The new standard is effective for us on July 1, 2018. The standard permits early adoption and should be applied either retrospectively to each period presented or by means of a cumulative adjustment to retained earnings as of the beginning of the fiscal year adopted. We do not expect the effect of ASU 2016-04 to have a material impact on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-02, "Leases (Topic 842)" (ASU 2016-02), which requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases. The standard also retains a distinction between finance leases and operating leases. The new standard is effective for us on July 1, 2019 and we expect to adopt the new standard using the modified retrospective approach. We also plan to use the transition relief package, in which we will not reassess the classification of our existing leases, whether any expired or existing contracts contain leases and if our existing leases have any initial direct costs. We are currently evaluating the requirements of the standard and we have not yet determined the impact of adoption on our consolidated financial statements. In May 2014, the FASB 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 new standard is effective for fiscal years beginning after December 15, 2017, which would result in an effective date for us of July 1, 2018. The standard permits the use of either the retrospective or modified retrospective method. We will adopt the new standard in the first quarter of fiscal 2019, and we will apply the modified retrospective approach. We have completed our impact assessment of the new standard, which was performed on a business by business basis through a review of contract terms and material revenue streams. We have identified an impact related to direct-response advertising costs, which are costs currently capitalized and expensed based on the guidance outlined in ASC 340 - "Other Assets and Deferred Assets". The guidance included in ASC 340 has been eliminated, and under the new revenue standard these costs will be expensed as incurred because they do not meet the requirements for capitalization since they are not direct and incremental to obtaining a contract. We expect this change to impact the timing for a portion of advertising expenses within our National Pen business, but we do not expect it to have a material impact on our consolidated results. By applying the modified retrospective approach for implementing the standard, we expect to adjust approximately $3,800 of capitalized costs as of June 30, 2018 to retained earnings during the first quarter of fiscal 2019. We have also identified an impact related to customer loyalty programs that are offered by several of our businesses. Under the new revenue standard, the rewards associated with these programs will be recognized as an additional performance obligation, resulting in an allocation of the transaction price and deferral of revenue until the subsequent reward redemption. We do not expect this change to have a material impact on our consolidated results. We are continuing to make changes to certain processes and internal controls, in order to address the impacts of the new standard, which we expect to finalize during the first quarter of fiscal 2019. Lastly, we are continuing to evaluate the disclosure requirements of the new standard. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Other Income [Table Text Block] | The following table summarizes the components of other (expense) income, net: Year Ended June 30, 2018 2017 2016 (Losses) gains on derivatives not designated as hedging instruments (1) $ (2,687 ) $ 936 $ 14,026 Currency-related (losses) gains, net (2) (19,500 ) 5,577 6,864 Other gains (3) 1,155 3,849 5,208 Total other (expense) income, net $ (21,032 ) $ 10,362 $ 26,098 _____________________ (1) Primarily relates to both realized and unrealized (losses) gains on derivative currency forward and option contracts not designated as hedging instruments. (2) We have significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. The currency-related gains (losses), net for the years ended June 30, 2018 and 2017 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge the remeasurement of certain intercompany loans, both presented in the same component above. Unrealized losses related to cross-currency swaps were $2,722 , $3,737 and $1,991 for the years ended June 30, 2018, 2017 and 2016 , respectively. (3) The gains recognized during the years ended June 30, 2018 and 2016, were primarily related to insurance recoveries of $675 and $3,947 , respectively. During the year ended June 30, 2017 , we recognized a gain of $2,268 related to the sale of Plaza Create Co. Ltd. available for sale securities. |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table sets forth the reconciliation of the weighted-average number of ordinary shares: Year Ended June 30, 2018 2017 2016 Weighted average shares outstanding, basic 30,948,081 31,291,581 31,656,234 Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs (1) 1,272,320 — 1,393,220 Shares used in computing diluted net income (loss) per share attributable to Cimpress N.V. 32,220,401 31,291,581 33,049,454 Weighted average anti-dilutive shares excluded from diluted net income (loss) per share attributable to Cimpress N.V. 2,291 21,978 35,725 ______ (1) In the periods we report a net loss, the impact of share options, RSUs, and RSAs is not included as they are anti-dilutive. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial assets | The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: June 30, 2018 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate swap contracts $ 13,370 $ — $ 13,370 $ — Currency forward contracts 9,202 — 9,202 — Currency option contracts 1,782 — 1,782 — Total assets recorded at fair value $ 24,354 $ — $ 24,354 $ — Liabilities Cross-currency swap contracts $ (25,348 ) $ — $ (25,348 ) $ — Currency forward contracts (14,201 ) — (14,201 ) — Currency option contracts (85 ) — (85 ) — Total liabilities recorded at fair value $ (39,634 ) $ — $ (39,634 ) $ — June 30, 2017 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate swap contracts $ 1,717 $ — $ 1,717 $ — Total assets recorded at fair value $ 1,717 $ — $ 1,717 $ — Liabilities Interest rate swap contracts $ (483 ) $ — $ (483 ) $ — Cross-currency swap contracts (19,760 ) — (19,760 ) — Currency forward contracts (14,700 ) — (14,700 ) — Currency option contracts (651 ) — (651 ) — Contingent consideration (5,453 ) — — (5,453 ) Total liabilities recorded at fair value $ (41,047 ) $ — $ (35,594 ) $ (5,453 ) |
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, 2016 (1) $ 1,212 Fair value adjustment 4,030 Foreign currency impact 211 Balance at June 30, 2017 (1) $ 5,453 Fair value adjustment 220 Cash payments (5,951 ) Foreign currency impact 278 Balance at June 30, 2018 (1) $ — _____________________ (1) The contingent consideration relates to the WIRmachenDUCK earn-out arrangement, which was paid on January 2, 2018. As of June 30, 2017, contingent consideration was classified as a current liability on the consolidated balance sheet. As of June 30, 2016 the liability was classified as a long-term liability on the consolidated balance sheet. |
Derivative Financial Instrume31
Derivative Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments [Table Text Block] | As of June 30, 2018 , we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were used to hedge fluctuations in the U.S. Dollar value of forecasted transactions denominated in Australian Dollar, British Pound, Canadian Dollar, Danish Krone, Euro, Indian Rupee, Mexican Peso, New Zealand Dollar, Norwegian Krone, Philippine Peso and Swedish Krona: Notional Amount Effective Date Maturity Date Number of Instruments Index $606,461 March 2017 through June 2018 Various dates through June 2020 518 Various As of June 30, 2018 , we had nine outstanding interest rate swap contracts indexed to USD LIBOR. These instruments were designated as cash flow hedges of interest rate risk and have varying start dates and maturity dates through December 2025. Interest rate swap contracts outstanding: Notional Amounts Contracts accruing interest as of June 30, 2018 $ 115,000 Contracts with a future start date 300,000 Total $ 415,000 |
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, 2018 and June 30, 2017 . Our derivative asset and liability balances will fluctuate with interest rate and currency exchange rate volatility. June 30, 2018 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 Derivatives in cash flow hedging relationships Interest rate swaps Other current assets / other assets $ 13,374 $ (4 ) $ 13,370 Other current liabilities / other liabilities $ — $ — $ — Cross-currency swaps Other current assets — — — Other current liabilities (10,659 ) — (10,659 ) Derivatives in net investment hedging relationships Cross-currency swaps Other current assets — — — Other current liabilities (14,689 ) — (14,689 ) Currency forward contracts Other non-current assets — — — Other current liabilities / other liabilities (13,387 ) — (13,387 ) Total derivatives designated as hedging instruments $ 13,374 $ (4 ) $ 13,370 $ (38,735 ) $ — $ (38,735 ) Derivatives not designated as hedging instruments Currency forward contracts Other current assets / other assets $ 10,433 $ (1,231 ) $ 9,202 Other current liabilities / other liabilities $ (1,080 ) $ 266 $ (814 ) Currency option contracts Other current assets / other assets 1,782 — 1,782 Other current liabilities / other liabilities (85 ) — (85 ) Total derivatives not designated as hedging instruments $ 12,215 $ (1,231 ) $ 10,984 $ (1,165 ) $ 266 $ (899 ) June 30, 2017 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 Derivatives in cash flow hedging relationships Interest rate swaps Other non-current assets $ 2,072 $ (355 ) $ 1,717 Other current liabilities / other liabilities $ (483 ) $ — $ (483 ) Cross-currency swaps Other non-current assets — — — Other liabilities (7,640 ) — (7,640 ) Derivatives in net investment hedging relationships Cross-currency swaps Other non-current assets — — — Other liabilities (12,120 ) — (12,120 ) Currency forward contracts Other non-current assets — — — Other liabilities (9,896 ) — (9,896 ) Total derivatives designated as hedging instruments $ 2,072 $ (355 ) $ 1,717 $ (30,139 ) $ — $ (30,139 ) Derivatives not designated as hedging instruments Currency forward contracts Other current assets / other assets $ — $ — $ — Other current liabilities / other liabilities $ (8,033 ) $ 3,229 $ (4,804 ) Currency option contracts Other current assets / other assets — — — Other current liabilities / other liabilities (651 ) — (651 ) Total derivatives not designated as hedging instruments $ — $ — $ — $ (8,684 ) $ 3,229 $ (5,455 ) |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | The following table presents the effect of the effective portion of our derivative financial instruments designated as hedging instruments and their classification within comprehensive income (loss) for the years ended June 30, 2018, 2017 and 2016 : Derivatives in Hedging Relationships Amount of Gain (Loss) Recognized in Comprehensive Income (Loss) on Derivatives Year Ended June 30, 2018 2017 2016 Derivatives in cash flow hedging relationships Interest rate swaps $ 8,545 $ 2,287 $ (1,736 ) Cross-currency swaps 2,976 (3,584 ) (769 ) Derivatives in net investment hedging relationships Cross-currency swaps (1,476 ) (3,721 ) 2,951 Currency forward contracts (3,490 ) (8,362 ) (81 ) $ 6,555 $ (13,380 ) $ 365 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents reclassifications out of accumulated other comprehensive loss for the years ended June 30, 2018, 2017 and 2016 : Details about Accumulated Other Comprehensive Loss Components Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Affected line item in the Statement of Operations Year Ended June 30, 2018 2017 2016 Derivatives in cash flow hedging relationships Interest rate swaps $ 70 $ (205 ) $ (947 ) Interest expense, net Cross-currency swaps (1,379 ) (1,621 ) (1,171 ) Other (expense) income, net Total before income tax (1,309 ) (1,826 ) (2,118 ) Income (loss) before income taxes Income tax 349 457 531 Income tax expense Total $ (960 ) $ (1,369 ) $ (1,587 ) |
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 the ineffective portion and de-designated derivative financial instruments that no longer qualify as hedging instruments in the period: Amount of Gain (Loss) Recognized in Net Income (Loss) Location of Gain (Loss) Recognized in Income (Ineffective Portion) Year Ended June 30, 2018 2017 2016 Derivatives not designated as hedging instruments Currency contracts $ (2,942 ) $ 663 $ 14,037 Other (expense) income, net Interest rate swaps 255 273 (11 ) Other (expense) income, net $ (2,687 ) $ 936 $ 14,026 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $1,371 , $(710) , and $293 for the years ended June 30, 2018, 2017 and 2016 : Gains (losses) on cash flow hedges (1) Gains (losses) on available for sale securities Gains (losses) on pension benefit obligation Translation adjustments, net of hedges (2) Total Balance as of June 30, 2015 $ (1,405 ) $ 2,971 $ (3,112 ) $ (97,363 ) $ (98,909 ) Other comprehensive income (loss) before reclassifications (2,504 ) 517 561 (9,267 ) (10,693 ) Amounts reclassified from accumulated other comprehensive loss to net income (loss) 1,587 — — — 1,587 Net current period other comprehensive income (loss) (917 ) 517 561 (9,267 ) (9,106 ) Balance as of June 30, 2016 (2,322 ) 3,488 (2,551 ) (106,630 ) (108,015 ) Other comprehensive income (loss) before reclassifications (1,297 ) (5,756 ) 2,194 (4,161 ) (9,020 ) Amounts reclassified from accumulated other comprehensive loss to net income (loss) 1,369 2,268 — — 3,637 Net current period other comprehensive income (loss) 72 (3,488 ) 2,194 (4,161 ) (5,383 ) Balance as of June 30, 2017 (2,250 ) — (357 ) (110,791 ) (113,398 ) Amounts reclassified from accumulated other comprehensive loss to retained earnings (116 ) — — — (116 ) Other comprehensive income (loss) before reclassifications 11,521 — 59 32,782 44,362 Amounts reclassified from accumulated other comprehensive loss to net income (loss) (960 ) — 298 — (662 ) Net current period other comprehensive income (loss) 10,561 — 357 32,782 43,700 Balance as of June 30, 2018 $ 8,195 $ — $ — $ (78,009 ) $ (69,814 ) ________________________ (1) Gains (losses) on cash flow hedges include our interest rate swap and cross-currency swap contracts designated in cash flow hedging relationships. (2) As of June 30, 2018 , 2017 and 2016, the translation adjustment is inclusive of the effects of our net investment hedges, of which, unrealized losses of $22,014 , $17,048 , and $4,965 respectively, net of tax, have been included in accumulated other comprehensive loss. |
Property, Plant and Equipment33
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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 2018 2017 Land improvements 10 years $ 3,440 $ 2,235 Building and building improvements 10 - 30 years 310,947 319,822 Machinery and production equipment 4 - 10 years 299,760 274,813 Machinery and production equipment under capital lease 4 - 10 years 67,702 54,673 Computer software and equipment 3 - 5 years 166,523 165,812 Furniture, fixtures and office equipment 5 - 7 years 43,010 41,612 Leasehold improvements Shorter of lease term or expected life of the asset 53,753 51,582 Construction in progress 11,734 12,240 956,869 922,789 Less accumulated depreciation, inclusive of assets under capital lease (505,803 ) (443,273 ) 451,066 479,516 Land 32,598 32,431 Property, plant, and equipment, net $ 483,664 $ 511,947 Depreciation expense, inclusive of assets under capital leases, totaled $87,956 , $87,145 , and $76,435 for the years ended June 30, 2018, 2017 and 2016 , respectively. |
Business Combinations (Tables)
Business Combinations (Tables) | Dec. 30, 2016 | Feb. 01, 2016 |
Business Acquisition [Line Items] | ||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The table below details the consideration transferred to acquire National Pen: Cash consideration $ 214,573 Final post closing adjustment (1,941 ) Total purchase price $ 212,632 | The table below details the consideration transferred to acquire WIRmachenDRUCK: Cash consideration $ 152,100 Cimpress N.V. shares transferred 8,810 Fair value of contingent consideration 1,185 Total consideration $ 162,095 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The fair value of the assets acquired and liabilities assumed was: Amount Weighted Average Useful Life in Years Tangible assets acquired and liabilities assumed (1): Cash and cash equivalents $ 8,337 n/a Accounts receivable, net 20,921 n/a Inventory 19,854 n/a Other current assets 11,281 n/a Property, plant and equipment, net 29,472 n/a Other non-current assets 1,270 n/a Accounts payable (12,590 ) n/a Accrued expenses (17,805 ) n/a Other current liabilities (908 ) n/a Deferred tax liabilities (3,255 ) n/a Long-term liabilities (9,665 ) n/a Identifiable intangible assets: Developed Technology 19,000 6 Trade Name 33,000 11 Customer Relationships 56,000 7 Goodwill 57,720 n/a Total purchase price $ 212,632 (1) National Pen has materially impacted our working capital balances post-acquisition, resulting in increased accounts receivable, inventory, accounts payable and accrued expenses balances in our consolidated balance sheet. | Amount Weighted Average Useful Life in Years Tangible assets acquired and liabilities assumed Cash and cash equivalents $ 15,220 n/a Other current assets 5,231 n/a Other non-current assets 1,259 n/a Accounts payable and other current liabilities (17,566 ) n/a Deferred tax liability (26,863 ) n/a Identifiable intangible assets: Customer relationships 24,952 7 Trade name 24,952 15 Print network 23,867 9 Referral network 10,849 7 Developed technology 8,679 3 Goodwill 91,515 n/a Total purchase price $ 162,095 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended June 30, 2017 2016 Pro forma revenue $ 2,294,347 $ 2,060,426 Pro forma net (loss) income attributable to Cimpress N.V. (71,084 ) 41,370 |
Goodwill and Acquired Intangi35
Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The carrying amount of goodwill by reportable segment as of June 30, 2018 and June 30, 2017 is as follows: Vistaprint Upload and Print National Pen All Other Businesses Total Balance as of June 30, 2016 $ 121,752 $ 319,373 $ — $ 24,880 $ 466,005 Acquisitions (1) — — 57,720 — 57,720 Impairments (2) — (6,345 ) — — (6,345 ) Adjustments (3)(4) 23,200 (228 ) (23,200 ) (13,540 ) (13,768 ) Effect of currency translation adjustments (5) 2,255 9,005 — 91 11,351 Balance as of June 30, 2017 147,207 321,805 34,520 11,431 514,963 Adjustments (58 ) — (86 ) — (144 ) Effect of currency translation adjustments (5) (942 ) 6,966 — — 6,024 Balance as of June 30, 2018 $ 146,207 $ 328,771 $ 34,434 $ 11,431 $ 520,843 _________________ (1) Refer to Note 7 for additional details related to our acquisitions. (2) In fiscal 2017 we recorded an impairment charge of $6,345 related to our Tradeprint reporting unit. See below for additional details. (3) We allocated $23,200 of goodwill to the Vistaprint segment for certain synergies that are expected to be realized by the Vistaprint segment as a result of the National Pen acquisition. Refer to Note 7 for additional details. (4) Our Albumprinter business, part of our All Other Businesses reportable segment, was reclassified as held for sale on the consolidated balance sheet at June 30, 2017. The Albumprinter business was sold during the first quarter of fiscal 2018. Refer to Note 7 for additional details. (5) Related to goodwill held by subsidiaries whose functional currency is not the U.S. Dollar. |
Intangible Assets Disclosure [Text Block] | Acquired Intangible Assets June 30, 2018 June 30, 2017 Gross Accumulated Net Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade name $ 99,102 $ (23,821 ) $ 75,281 $ 97,728 $ (14,839 ) $ 82,889 Developed technology 55,460 (39,218 ) 16,242 55,423 (28,943 ) 26,480 Customer relationships 182,545 (70,655 ) 111,890 179,715 (44,475 ) 135,240 Customer network and other 16,289 (8,312 ) 7,977 16,291 (6,185 ) 10,106 Print network 25,716 (6,905 ) 18,811 25,171 (3,962 ) 21,209 Total intangible assets $ 379,112 $ (148,911 ) $ 230,201 $ 374,328 $ (98,404 ) $ 275,924 |
Acquired Finite-Lived Intangible Assets [Line Items] | |
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: 2019 $ 42,582 2020 37,967 2021 37,859 2022 36,297 2023 28,386 $ 183,091 |
Other Balance Sheet Components
Other Balance Sheet Components (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses included the following: June 30, 2018 June 30, 2017 Compensation costs $ 57,024 $ 54,487 Income and indirect taxes 33,557 34,469 Advertising costs 28,140 26,641 Production costs 8,903 7,472 Shipping costs 5,241 6,651 Sales returns 5,076 4,474 Purchases of property, plant and equipment 4,489 3,786 Professional fees 3,802 3,021 Interest payable 1,653 5,263 Other 38,776 29,303 Total accrued expenses $ 186,661 $ 175,567 |
Other Current Liabilities [Table Text Block] | Other current liabilities included the following: June 30, 2018 June 30, 2017 Short-term derivative liabilities $ 31,054 $ 7,243 Current portion of lease financing obligation 12,569 12,569 Current portion of capital lease obligations 10,747 11,573 Contingent earn-out liability (1) — 44,049 Mandatorily redeemable noncontrolling interest (2) — 901 Other 601 2,100 Total other current liabilities $ 54,971 $ 78,435 |
Other Liabilities [Table Text Block] | Other liabilities included the following: June 30, 2018 June 30, 2017 Long-term capital lease obligations $ 16,883 $ 28,306 Long-term derivative liabilities 10,080 31,936 Mandatorily redeemable noncontrolling interest (2) 4,366 2,456 Other (3) 38,195 31,985 Total other liabilities $ 69,524 $ 94,683 _______________________ (1) On January 2, 2018, we paid the WIRmachenDRUCK contingent earn-out liability, refer to the summary below for additional details. (2) Relates to the mandatorily redeemable noncontrolling interest of Printi LLC. The short-term liability as of June 30, 2017 was redeemed during the fourth quarter of fiscal 2018. Refer to Note 15 for additional details. (3) As of June 30, 2018 and 2017, other liabilities includes $15,464 and $8,713 , respectively, related to share-based compensation awards associated with our investment in Printi LLC. Refer to Note 15 for additional details. |
Total Debt (Tables)
Total Debt (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Debt June 30, 2018 June 30, 2017 Senior secured credit facility $ 432,414 $ 600,037 7.0% Senior unsecured notes due 2026 (1) 400,000 — 7.0% Senior unsecured notes due 2022 (1) — 275,000 Other 7,015 7,541 Debt issuance costs and debt discounts (2) (12,585 ) (5,922 ) Total debt outstanding, net 826,844 876,656 Less: short-term debt (3) 59,259 28,926 Long-term debt $ 767,585 $ 847,730 _____________________ (1) On June 15, 2018, we completed a debt offering of $400,000 in aggregate principal amount of 7.0% senior notes due 2026. We used a portion of the net proceeds of this offering to extinguish the $275,000 of senior notes due 2022 and fund the satisfaction of the indenture governing those notes. (2) During the year ended June 30, 2018 , we capitalized $11,666 in debt issuance costs, which related to the private placement of our 7.0% senior unsecured notes due 2026, as well as the amendment to our senior secured credit facility. We wrote-off $3,164 of unamortized costs related to the redemption of our 7.0% Senior unsecured notes due 2022 and amendment to our senior unsecured credit facility. Refer below for additional details. (3) Balances as of June 30, 2018 and June 30, 2017 are inclusive of short-term debt issuance costs and debt discounts of $2,012 and $1,693 , respectively |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Shareholders' Equity [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value Assumptions [Table Text Block] | We did not grant any share options in fiscal 2018 or 2017 . Weighted-average values used for option awards in fiscal 2016 were as follows: Year Ended June 30, 2016 Risk-free interest rate 1.84 % Expected dividend yield — % Expected term (years) 6.00 Expected volatility 47 % Weighted average fair value of options granted $ 38.18 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of our share option activity and related information for the year ended June 30, 2018 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 2,138,426 $ 46.68 2.6 Granted — — Exercised (485,323 ) 39.63 Forfeited/expired (1,795 ) 57.67 Outstanding at the end of the period 1,651,308 $ 48.74 1.9 $ 158,887 Exercisable at the end of the period 1,563,489 $ 48.64 1.9 $ 150,589 |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | A summary of our PSU activity and related information for the fiscal year ended June 30, 2018 is as follows: PSUs Weighted- Aggregate Outstanding at the beginning of the period 375,038 $ 123.06 Granted 361,582 115.02 Vested and distributed — — Forfeited (55,857 ) 120.04 Outstanding at the end of the period 680,763 $ 119.04 $ 98,683 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | A summary of our RSU activity and related information for the fiscal year ended June 30, 2018 is as follows: RSUs Weighted- Aggregate Unvested at the beginning of the period 334,370 $ 74.57 Granted — — Vested and distributed (98,039 ) 69.03 Forfeited (26,463 ) 78.39 Unvested at the end of the period 209,868 $ 76.67 $ 30,422 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of our RSA activity and related information for the fiscal year ended June 30, 2018 is as follows: RSAs Weighted- Aggregate Unvested at the beginning of the period 12,437 $ 64.53 Granted — — Vested and distributed (4,146 ) 64.53 Forfeited — — Unvested at the end of the period 8,291 $ 64.53 $ 1,202 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The following is a summary of our income (loss) before income taxes by geography: Year Ended June 30, 2018 2017 2016 U.S. $ 9,183 $ 13,390 $ 23,057 Non-U.S. 57,183 (92,707 ) 43,038 Total $ 66,366 $ (79,317 ) $ 66,095 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision (benefit) for income taxes are as follows: Year Ended June 30, 2018 2017 2016 Current: U.S. Federal $ 446 $ (1,144 ) $ 7,915 U.S. State (117 ) 1,344 116 Non-U.S. 33,065 26,191 23,164 Total current 33,394 26,391 31,195 Deferred: U.S. Federal (6,673 ) (1,999 ) (2,353 ) U.S. State 2,306 (1,497 ) 13 Non-U.S. (9,449 ) (30,013 ) (13,171 ) Total deferred (13,816 ) (33,509 ) (15,511 ) Total $ 19,578 $ (7,118 ) $ 15,684 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the standard U.S. federal statutory tax rate and our effective tax rate: Year Ended June 30, 2018 2017 2016 U.S. federal statutory income tax rate 28.0 % 35.0 % 35.0 % State taxes, net of federal effect (2.4 ) (0.1 ) 0.1 Tax rate differential on non-U.S. earnings (1.3 ) (15.5 ) (35.7 ) Goodwill impairment — (1.6 ) 16.1 Gain on sale of subsidiary 4.0 0.4 — Compensation related items (15.1 ) 7.4 (2.2 ) Change in valuation allowance 6.7 (21.9 ) 26.9 Nondeductible acquisition-related payments 3.6 (18.0 ) 4.0 U.S. tax reform 10.4 — — Notional interest deduction (Italy) (1.9 ) 5.0 (5.3 ) Net tax benefit on intellectual property transfer — 13.8 (17.7 ) Bonus depreciation (1.9 ) 0.5 — Tax on unremitted earnings 0.7 (1.6 ) 4.6 Nondeductible interest expense 2.9 (1.3 ) 0.2 Tax credits and incentives (4.8 ) 7.1 (4.0 ) Other 0.6 (0.2 ) 1.7 Effective income tax rate 29.5 % 9.0 % 23.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of our deferred income tax assets and liabilities consisted of the following at June 30, 2018 and 2017 : Year Ended June 30, 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 94,925 $ 85,728 Depreciation and amortization 3,211 2,331 Accrued expenses 6,023 6,478 Share-based compensation 17,194 20,999 Credit and other carryforwards 6,649 2,688 Derivative financial instruments 7,552 7,121 Other 3,206 3,060 Subtotal 138,760 128,405 Valuation allowance (58,716 ) (56,953 ) Total deferred tax assets 80,044 71,452 Deferred tax liabilities: Depreciation and amortization (54,102 ) (71,477 ) IP installment obligation (2,103 ) (6,460 ) Tax on unremitted earnings (4,592 ) (4,374 ) Derivative financial instruments (1,034 ) — Other (2,369 ) (1,880 ) Total deferred tax liabilities (64,200 ) (84,191 ) Net deferred tax assets (liabilities) $ 15,844 $ (12,739 ) |
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, 2018 is as follows: Balance at June 30, 2017 $ 56,953 Charges to earnings (1) 3,171 Charges to other accounts (2) (1,408 ) Balance at June 30, 2018 $ 58,716 _________________ (1) Amount is primarily related to U.S. state research and development credits and non-U.S. net operating losses. (2) Amount is primarily related to unrealized gains on cross-currency swap contracts included in other comprehensive income (loss) and a decrease in deferred tax assets on non-U.S. net operating losses due to currency exchange rate changes. |
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the gross beginning and ending amount of unrecognized tax benefits is as follows: Balance June 30, 2015 $ 5,710 Additions based on tax positions related to the current tax year 328 Additions based on tax positions related to prior tax years 132 Reductions based on tax positions related to prior tax years (363 ) Reductions due to audit settlements (1,129 ) Reductions due to lapse of statute of limitations (429 ) Balance June 30, 2016 4,249 Additions based on tax positions related to the current tax year 632 Additions based on tax positions related to prior tax years 1,580 Reductions based on tax positions related to prior tax years (30 ) Reductions due to audit settlements (1,048 ) Balance June 30, 2017 5,383 Additions based on tax positions related to the current tax year 612 Additions based on tax positions related to prior tax years 93 Reductions based on tax positions related to prior tax years (261 ) Reductions due to audit settlements (31 ) Reductions due to lapse of statute of limitations (1,105 ) Cumulative translation adjustment 14 Balance June 30, 2018 $ 4,705 |
Noncontrolling interest (Tables
Noncontrolling interest (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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, 2016 $ 65,301 $ 351 Capital contribution from noncontrolling interest 1,404 — Accretion to redemption value recognized in net loss attributable to noncontrolling interest (1) 372 — Net (loss) income attributable to noncontrolling interest (864 ) 4 Purchase of noncontrolling interests (2) (20,299 ) — Sale of noncontrolling interest — (90 ) Foreign currency translation (502 ) (52 ) Balance as of June 30, 2017 45,412 213 Net income attributable to noncontrolling interest 2,983 72 Proceeds from sale of noncontrolling interest 35,390 — Foreign currency translation 2,366 — Balance as of June 30, 2018 $ 86,151 $ 285 __________________ (1) Accretion to redemption value recognized in net loss attributable to noncontrolling interest is the result of the redemption amount estimated to be greater than both the carrying value and fair value of the noncontrolling interest. (2) During fiscal 2017, we purchased the Pixartprinting and Japanese joint venture noncontrolling interests for $10,947 and $9,352 , respectively. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The following tables set forth revenue, segment profit (loss), total income from operations and total income before income taxes. Year Ended June 30, 2018 2017 2016 Revenue: Vistaprint (1) $ 1,462,686 $ 1,310,975 $ 1,220,751 Upload and Print (2) 730,010 588,613 432,638 National Pen (3) 333,266 112,712 — All Other Businesses (4) 87,583 128,795 138,244 Total segment revenue 2,613,545 2,141,095 1,791,633 Inter-segment eliminations (21,004 ) (5,690 ) (3,589 ) Total consolidated revenue $ 2,592,541 $ 2,135,405 $ 1,788,044 _____________________ (1) Vistaprint segment revenues include inter-segment revenue of $10,542 , $5,690 and $3,589 for the years ended June 30, 2018, 2017 and 2016 . (2) Upload and Print segment revenues include inter-segment revenue of $1,521 for the year ended June 30, 2018 . No inter-segment revenue was recognized in the prior comparable periods. (3) National Pen segment revenues include inter-segment revenue of $2,956 for the year ended June 30, 2018 . No inter-segment revenue was recognized in the prior comparable periods. (4) All Other Businesses segment revenues include inter-segment revenue of $5,985 for the year ended June 30, 2018 . No inter-segment revenue was recognized in the prior comparable periods. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended June 30, 2018 2017 2016 Segment profit (loss): Vistaprint $ 241,479 $ 167,687 $ 214,947 Upload and Print 79,310 63,189 58,207 National Pen 22,165 (2,225 ) — All Other Businesses (34,620 ) (31,307 ) (9,328 ) Total segment profit 308,334 197,344 263,826 Central and corporate costs (131,400 ) (118,093 ) (97,672 ) Acquisition-related amortization and depreciation (50,149 ) (46,402 ) (40,834 ) Earn-out related charges (1) (2,391 ) (40,384 ) (6,378 ) Share-based compensation related to investment consideration (6,792 ) (9,638 ) (4,835 ) Certain impairments (2) — (9,556 ) (41,820 ) Restructuring-related charges (15,236 ) (26,700 ) (381 ) Interest expense for Waltham, MA lease 7,489 7,727 6,287 Gain on the purchase or sale of subsidiaries (3) 47,945 — — Total income (loss) from operations 157,800 (45,702 ) 78,193 Other (expense) income, net (21,032 ) 10,362 26,098 Interest expense, net (53,043 ) (43,977 ) (38,196 ) Loss on early extinguishment of debt (17,359 ) — — Income (loss) before income taxes $ 66,366 $ (79,317 ) $ 66,095 ___________________ (1) Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment. (2) Includes the impact for certain impairments or abandonments of goodwill and other long-lived assets as defined by ASC 350 - "Intangibles - Goodwill and Other" or ASC 360 - "Property, Plant, and Equipment." year ended June 30, 2018 . Year Ended June 30, 2018 2017 2016 Depreciation and amortization: Vistaprint $ 65,311 $ 63,923 $ 40,686 Upload and Print 59,599 56,073 47,696 National Pen 21,546 10,269 — All Other Businesses 9,609 15,074 18,111 Central and corporate costs 12,940 13,061 25,425 Total depreciation and amortization $ 169,005 $ 158,400 $ 131,918 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Year Ended June 30, 2018 2017 2016 Depreciation and amortization: Vistaprint $ 65,311 $ 63,923 $ 40,686 Upload and Print 59,599 56,073 47,696 National Pen 21,546 10,269 — All Other Businesses 9,609 15,074 18,111 Central and corporate costs 12,940 13,061 25,425 Total depreciation and amortization $ 169,005 $ 158,400 $ 131,918 Year Ended June 30, 2018 2017 2016 Purchases of property, plant and equipment: Vistaprint $ 35,265 $ 38,434 $ 32,028 Upload and Print 16,212 14,875 15,652 National Pen 6,565 3,714 — All Other Businesses 1,680 12,735 19,160 Central and corporate costs 1,208 4,399 13,595 Total purchases of property, plant and equipment $ 60,930 $ 74,157 $ 80,435 Year Ended June 30, 2018 2017 2016 Capitalization of software and website development costs: Vistaprint $ 24,794 $ 23,624 $ 11,390 Upload and Print 4,010 4,173 3,000 National Pen 1,482 — — All Other Businesses 2,336 1,568 2,032 Central and corporate costs 8,225 7,942 9,902 Total capitalization of software and website development costs $ 40,847 $ 37,307 $ 26,324 |
Revenue from External Customers by Geographic Areas [Table Text Block] | The following tables set forth revenues by geographic area and groups of similar products and services: Year Ended June 30, 2018 2017 2016 United States $ 1,078,544 $ 901,061 $ 781,335 Germany (1) 340,881 256,069 125,356 Other (2) 1,173,116 978,275 881,353 Total revenue $ 2,592,541 $ 2,135,405 $ 1,788,044 |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended June 30, 2018 2017 2016 Physical printed products and other (3) $ 2,537,201 $ 2,076,564 $ 1,724,676 Digital products/services 55,340 58,841 63,368 Total revenue $ 2,592,541 $ 2,135,405 $ 1,788,044 __________________ (1) Our revenues within the German market exceeded 10% of our total consolidated revenue. Therefore we have presented Germany as a significant geographic area. (2) Our other revenue includes the Netherlands, our country of domicile. (3) 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, 2018 June 30, 2017 Long-lived assets (1): Netherlands $ 109,556 $ 83,223 Canada 81,334 85,926 Switzerland 52,523 49,017 United States 45,709 64,034 Italy 42,514 44,423 Australia 22,418 22,961 Jamaica 21,720 21,492 France 20,131 22,794 Japan 19,117 20,686 Other 67,842 64,377 Total $ 482,864 $ 478,933 ___________________ (1) Excludes goodwill of $520,843 and $514,963 , intangible assets, net of $230,201 and $275,924 , the Waltham lease asset of $111,926 and $116,045 , and deferred tax assets of $67,087 and $48,004 as of June 30, 2018 and June 30, 2017 , respectively. |
Commitments and Contingencies D
Commitments and Contingencies Disclosure (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Lease Obligations [Abstract] | |
Lease, Cost [Table Text Block] | Operating lease obligations Build-to-suit lease obligation (1) Capital lease obligation Total lease obligations 2019 $ 22,623 $ 12,569 $ 10,850 $ 46,042 2020 18,562 12,569 7,527 38,658 2021 13,143 12,569 4,037 29,749 2022 8,282 12,569 1,869 22,720 2023 6,526 10,788 1,026 18,340 Thereafter 7,702 35,616 2,287 45,605 Total $ 76,838 $ 96,680 $ 27,596 $ 201,114 __________ (1) Minimum payments relate to our Waltham lease obligation, refer to Note 2 for additional details. |
Recorded Unconditional Purchase Obligations [Table Text Block] | The required principal payments due during the next five fiscal years and thereafter under our outstanding long-term debt obligations at June 30, 2018 are as follows: 2019 $ 61,225 2020 31,405 2021 38,713 2022 45,902 2023 261,775 Thereafter 400,409 Total $ 839,429 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | The following table summarizes the restructuring activity during the years ended June 30, 2018 and 2017: Severance and Related Benefits Other Restructuring Costs Total Accrued restructuring liability as of June 30, 2016 $ — $ — $ — Restructuring charges 24,020 2,680 26,700 Cash payments (13,161 ) (1,861 ) (15,022 ) Non-cash charges (1) (6,257 ) (611 ) (6,868 ) Accrued restructuring liability as of June 30, 2017 (1) 4,602 208 4,810 Restructuring charges 15,236 — 15,236 Cash payments (17,136 ) (206 ) (17,342 ) Non-cash charges (1) (1,317 ) — (1,317 ) Accrued restructuring liability as of June 30, 2018 $ 1,385 $ 2 $ 1,387 ___________________ (1) Non-cash charges include acceleration of share-based compensation expenses. |
Quarterly Financial Data (una44
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Data (unaudited) [Abstract] | |
Quarterly Financial Information [Table Text Block] | Year Ended June 30, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 563,284 $ 762,054 $ 636,069 $ 631,134 Cost of revenue 283,755 360,285 319,209 316,550 Net income (loss) 23,406 30,623 (1,602 ) (5,639 ) Net income (loss) attributable to Cimpress N.V. 23,363 29,935 (2,265 ) (7,300 ) Net income (loss) per share attributable to Cimpress N.V.: Basic $ 0.75 $ 0.96 $ (0.07 ) $ (0.24 ) Diluted $ 0.72 $ 0.93 $ (0.07 ) $ (0.24 ) Year Ended June 30, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenue $ 443,713 $ 576,851 $ 550,585 $ 564,256 Cost of revenue 213,050 276,366 268,482 279,077 Net income (loss) (30,030 ) 35,022 (42,678 ) (34,513 ) Net income (loss) attributable to Cimpress N.V. (29,103 ) 35,028 (42,934 ) (34,702 ) Net income (loss) per share attributable to Cimpress N.V.: Basic $ (0.92 ) $ 1.12 $ (1.38 ) $ (1.11 ) Diluted $ (0.92 ) $ 1.07 $ (1.38 ) $ (1.11 ) 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. |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Accounting Policies [Line Items] | ||||||
Impairment of goodwill and acquired intangible assets | $ 0 | $ 9,556 | $ 30,841 | |||
Restricted Cash and Cash Equivalents | 90 | 520 | ||||
Gain on sale of available-for-sale securities | 0 | (2,268) | 0 | |||
Capitalized Computer Software, Amortization | 31,332 | 24,571 | 14,355 | |||
Capitalized Computer Software, Accumulated Amortization | 84,279 | 59,554 | ||||
Proceeds from Insurance Settlement, Operating Activities | 327 | 829 | 11,943 | |||
Insurance Recoveries | 675 | 3,947 | ||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 2,408 | 10,979 | |||
Debt Issuance Costs, Line of Credit Arrangements, Net | 11,666 | 229 | ||||
Amortization of Debt Issuance Costs | 1,821 | 1,578 | 1,588 | |||
Write off of Deferred Debt Issuance Cost | 3,164 | |||||
Unamortized Debt Issuance Expense | 12,585 | 5,661 | ||||
Deferred Advertising Costs | 4,220 | 4,861 | ||||
Advertising Expense | 432,546 | 363,936 | 305,701 | |||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 11,874 | |||||
Gain (loss) on sale of subsidiaries | 47,545 | 0 | 0 | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (2,687) | [1] | 936 | [1] | 14,026 | |
Foreign Currency Transaction Gain (Loss), Realized | (19,500) | [2] | 5,577 | [2] | 6,864 | |
Other Nonoperating Gains (Losses) | 1,155 | [3] | 3,849 | [3] | 5,208 | |
Other (expense) income, net | $ (21,032) | $ 10,362 | $ 26,098 | |||
Weighted average shares outstanding — basic | 30,948,081 | 31,291,581 | 31,656,234 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,272,320 | 0 | 1,393,220 | |||
Weighted average shares outstanding — diluted | 32,220,401 | 31,291,581 | 33,049,454 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,291 | 21,978 | 35,725 | |||
Property, plant and equipment, net | $ 483,664 | $ 511,947 | ||||
Payments for Repurchase of Common Stock | 94,710 | 50,008 | $ 153,467 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (5,864) | 2,546 | ||||
Write off of Debt Issuance Costs [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Write off of Deferred Debt Issuance Cost | 2,921 | |||||
Waltham Lease [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Property, plant and equipment, net | 111,926 | 116,045 | ||||
Other Liabilities | 115,312 | 119,176 | ||||
Other Current Assets [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 24,573 | |||||
Deferred Tax Assets [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 18,710 | |||||
Retained Earnings [Member] | ||||||
Accounting Policies [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 3,800 | (5,864) | 2,000 | |||
Retained Earnings [Member] | Accounting Standards Update 2016-16 [Member] | ||||||
Accounting Policies [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 5,863 | |||||
Retained Earnings [Member] | Accounting Standards Update 2018-02 [Member] | ||||||
Accounting Policies [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 116 | |||||
Cross Currency Interest Rate Contract [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 2,722 | 3,737 | 1,991 | |||
Income Taxes [Member] | Accounting Standards Update 2016-16 [Member] | ||||||
Accounting Policies [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 8,363 | 12,926 | 12,764 | |||
Other Income [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Gain on Business Interruption Insurance Recovery | 675 | 807 | 3,947 | |||
Technology and Development Expense [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Research and Development Expense | $ 41,451 | 51,811 | $ 35,449 | |||
Cost of Goods, Total [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Impairment of Long-Lived Assets to be Disposed of | 1,119 | |||||
Technology and development expense | ||||||
Accounting Policies [Line Items] | ||||||
Impairment of Long-Lived Assets to be Disposed of | 678 | |||||
Restructuring Charges | ||||||
Accounting Policies [Line Items] | ||||||
Impairment of Long-Lived Assets to be Disposed of | 611 | |||||
Tradeprint [Domain] | ||||||
Accounting Policies [Line Items] | ||||||
Impairment of goodwill and acquired intangible assets | $ 3,211 | |||||
[1] | Primarily relates to both realized and unrealized (losses) gains on derivative currency forward and option contracts not designated as hedging instruments. | |||||
[2] | We have significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. The currency-related gains (losses), net for the years ended June 30, 2018 and 2017 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge the remeasurement of certain intercompany loans, both presented in the same component above. Unrealized losses related to cross-currency swaps were $2,722, $3,737 and $1,991 for the years ended June 30, 2018, 2017 and 2016, respectively. | |||||
[3] | The gains recognized during the years ended June 30, 2018 and 2016, were primarily related to insurance recoveries of $675 and $3,947, respectively. During the year ended June 30, 2017, we recognized a gain of $2,268 related to the sale of Plaza Create Co. Ltd. available for sale securities. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) € in Thousands, $ in Thousands | Jan. 02, 2018EUR (€) | Jan. 02, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Feb. 01, 2016EUR (€) | Feb. 01, 2016USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Business Combination, Contingent Consideration, Liability, Current | [1] | $ 0 | $ 44,049 | |||||
Payment of continent consideration relating to business combination | $ (48,069) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 220 | 4,030 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 278 | 211 | ||||||
Debt, Long-term and Short-term, Combined Amount | 826,844 | 876,656 | ||||||
Debt Instrument, Fair Value Disclosure | 847,520 | 906,744 | ||||||
Total debt, Gross [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Debt, Long-term and Short-term, Combined Amount | 839,429 | 882,578 | ||||||
WIRmachenDRUCK GmbH [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent Consideration | (5,453) | |||||||
Fair value, recurring measurements [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets, Fair Value Disclosure, Recurring | 24,354 | 1,717 | ||||||
Liabilities, Fair Value Disclosure, Recurring | 39,634 | 41,047 | ||||||
Interest Rate Swap [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 13,370 | 1,717 | ||||||
Derivative Liability | (483) | |||||||
Cross Currency Interest Rate Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability | (25,348) | (19,760) | ||||||
Currency Swap [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 9,202 | |||||||
Derivative Liability | (14,201) | (14,700) | ||||||
Foreign Exchange Option [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 1,782 | |||||||
Derivative Liability | (85) | (651) | ||||||
Maximum [Member] | WIRmachenDRUCK GmbH [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent Consideration | € (40,000) | $ (43,395) | ||||||
Not Designated as Hedging Instrument [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 12,215 | |||||||
Derivative Liability | (5,455) | |||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 10,433 | |||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 9,202 | |||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 1,782 | |||||||
Derivative Liability | (85) | (651) | ||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1,782 | |||||||
Fair Value, Inputs, Level 2 [Member] | Fair value, recurring measurements [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets, Fair Value Disclosure, Recurring | 24,354 | 1,717 | ||||||
Liabilities, Fair Value Disclosure, Recurring | 39,634 | 35,594 | ||||||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 13,370 | 1,717 | ||||||
Derivative Liability | (483) | |||||||
Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability | (25,348) | (19,760) | ||||||
Fair Value, Inputs, Level 2 [Member] | Currency Swap [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 9,202 | |||||||
Derivative Liability | (14,201) | (14,700) | ||||||
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Option [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability | (85) | |||||||
Fair Value, Inputs, Level 3 [Member] | Fair value, recurring measurements [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Liabilities, Fair Value Disclosure, Recurring | 5,453 | |||||||
Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent Consideration | (5,453) | |||||||
Other Current Liabilities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |||||||
Noncontrolling Interest [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Payment of continent consideration relating to business combination | $ (5,951) | |||||||
Other Noncurrent Liabilities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 1,212 | |||||||
Other Current Liabilities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 5,453 | |||||||
WIRmachenDRUCK GmbH [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Payment of continent consideration relating to business combination | € | € (40,000) | |||||||
[1] | On January 2, 2018, we paid the WIRmachenDRUCK contingent earn-out liability, refer to the summary below for additional details. |
Derivative Financial Instrume47
Derivative Financial Instruments (Details) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2018USD ($)instrument | Jun. 30, 2017USD ($)instrument | Jun. 30, 2016USD ($) | |||
Derivative [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (2,687) | [1] | $ 936 | [1] | $ 14,026 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 6,555 | (13,380) | 365 | ||
Foreign Exchange Option [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 1,782 | ||||
Derivative Liability | (85) | (651) | |||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | $ 13,370 | 1,717 | |||
Derivative Liability | $ (483) | ||||
Derivative, Number of Ineffective Instruments Held | instrument | 6 | 2 | |||
Notional Amount of Interest Rate Derivatives | $ 115,000 | ||||
Notional value of contracts with future start date | 300,000 | ||||
Total current and future notional amount | $ 415,000 | ||||
Derivative, Number of Instruments Held | instrument | 9 | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 255 | $ 273 | (11) | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 730 | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (1,736) | ||||
Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | |||||
Notional Amount of Foreign Currency Derivatives | $ 606,461 | ||||
Derivative, Number of Instruments Held | instrument | 518 | ||||
Derivative, Underlying Basis | Various | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (2,942) | 663 | 14,037 | ||
Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 9,202 | ||||
Derivative Liability | (14,201) | (14,700) | |||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | $ (10,659) | ||||
Derivative, Number of Instruments Held | instrument | 2 | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1,387 | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 2,976 | (3,584) | (769) | ||
Interest Expense [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 8,545 | 2,287 | |||
Fair value, recurring measurements [Member] | Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | |||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (899) | ||||
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 | 70 | (205) | 947 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Other Income [Member] | Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,379) | (1,621) | 1,171 | ||
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 | 960 | 1,369 | 1,587 | ||
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 | (1,309) | (1,826) | 2,118 | ||
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 | (531) | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Income Taxes [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 349 | 457 | |||
Cash Flow Hedging [Member] | Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional Amount of Foreign Currency Derivatives | 120,011 | ||||
Net Investment Hedging [Member] | Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional Amount of Foreign Currency Derivatives | $ 122,969 | ||||
Derivative, Number of Instruments Held | instrument | 2 | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (1,476) | (3,721) | 2,951 | ||
Net Investment Hedging [Member] | Forward Contracts [Member] | |||||
Derivative [Line Items] | |||||
Notional Amount of Foreign Currency Derivatives | $ 175,262 | ||||
Derivative, Number of Instruments Held | instrument | 6 | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (3,490) | (8,362) | $ (81) | ||
Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 13,374 | 2,072 | |||
Derivative Asset, Fair Value, Gross Liability | (4) | (355) | |||
Derivative Liability, Fair Value, Gross Liability | (38,735) | (30,139) | |||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |||
Derivative Liability | (38,735) | (30,139) | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | 13,370 | 1,717 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 13,374 | 2,072 | |||
Derivative Asset, Fair Value, Gross Liability | (4) | (355) | |||
Derivative Liability, Fair Value, Gross Liability | 0 | (483) | |||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | 0 | (483) | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | 13,370 | 1,717 | |||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | (10,659) | (7,640) | |||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | (7,640) | ||||
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | (14,689) | (12,120) | |||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | (14,689) | (12,120) | |||
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Forward Contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | (13,387) | (9,896) | |||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | (13,387) | (9,896) | |||
Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 12,215 | ||||
Derivative Asset, Fair Value, Gross Liability | (1,231) | ||||
Derivative Liability, Fair Value, Gross Liability | (1,165) | (8,684) | |||
Derivative Liability, Fair Value, Gross Asset | 266 | 3,229 | |||
Derivative Liability | (5,455) | ||||
Interest Rate Swap Contracts, Assets, Fair Value Disclosure | 10,984 | ||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 1,782 | ||||
Derivative Asset, Fair Value, Gross Liability | 0 | ||||
Derivative Liability, Fair Value, Gross Liability | (85) | (651) | |||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |||
Derivative Liability | (85) | (651) | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1,782 | ||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 10,433 | ||||
Derivative Asset, Fair Value, Gross Liability | (1,231) | ||||
Derivative Liability, Fair Value, Gross Liability | (1,080) | (8,033) | |||
Derivative Liability, Fair Value, Gross Asset | 266 | 3,229 | |||
Derivative, Net Liability Position, Aggregate Fair Value | $ (4,804) | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 9,202 | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ (814) | ||||
Minimum [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Maturity Date | Dec. 31, 2018 | ||||
Minimum [Member] | Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Maturity Date | Oct. 15, 2018 | ||||
Minimum [Member] | Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Maturity Date | Apr. 1, 2019 | ||||
Maximum [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Maturity Date | Dec. 31, 2025 | ||||
Maximum [Member] | Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Maturity Date | Oct. 17, 2022 | ||||
Maximum [Member] | Currency Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Maturity Date | Jun. 30, 2019 | ||||
[1] | Primarily relates to both realized and unrealized (losses) gains on derivative currency forward and option contracts not designated as hedging instruments. |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Reclassified from AOCI to RE | $ (116) | |||||
Accumulated other comprehensive income (loss), tax | 1,371 | $ (710) | $ 293 | |||
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease) | (22,014) | (17,048) | 5 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated other comprehensive loss | (113,398) | (108,015) | (98,909) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | (357) | (2,194) | (561) | |||
Other comprehensive income (loss) before reclassifications | 44,362 | (9,020) | (10,693) | |||
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | (662) | 3,637 | 1,587 | |||
Net current period other comprehensive income (loss) | 43,700 | (5,383) | (9,106) | |||
Accumulated other comprehensive loss | (69,814) | (113,398) | (108,015) | |||
Pension Plan [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated other comprehensive loss | (357) | (2,551) | (3,112) | |||
Other comprehensive income (loss) before reclassifications | 59 | 561 | ||||
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | 298 | 0 | 0 | |||
Net current period other comprehensive income (loss) | 357 | 2,194 | 561 | |||
Accumulated other comprehensive loss | 0 | (357) | (2,551) | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated other comprehensive loss | (2,250) | [1] | (2,322) | (1,405) | ||
Other comprehensive income (loss) before reclassifications | 11,521 | [1] | (1,297) | (2,504) | ||
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | (960) | [1] | 1,369 | 1,587 | ||
Net current period other comprehensive income (loss) | 10,561 | [1] | 72 | (917) | ||
Accumulated other comprehensive loss | 8,195 | [1] | (2,250) | [1] | (2,322) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated other comprehensive loss | 0 | 3,488 | 2,971 | |||
Other comprehensive income (loss) before reclassifications | 0 | (5,756) | 517 | |||
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | 0 | 2,268 | 0 | |||
Net current period other comprehensive income (loss) | 0 | (3,488) | 517 | |||
Accumulated other comprehensive loss | 0 | 0 | 3,488 | |||
Accumulated Translation Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated other comprehensive loss | (110,791) | [2] | (106,630) | [2] | (97,363) | |
Other comprehensive income (loss) before reclassifications | 32,782 | [2] | (4,161) | [2] | (9,267) | |
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | 0 | [2] | 0 | [2] | 0 | |
Net current period other comprehensive income (loss) | 32,782 | [2] | (4,161) | [2] | (9,267) | |
Accumulated other comprehensive loss | [2] | (78,009) | (110,791) | (106,630) | ||
AOCI Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | $ (357) | $ (2,194) | $ (561) | |||
[1] | Gains (losses) on cash flow hedges include our interest rate swap and cross-currency swap contracts designated in cash flow hedging relationships. | |||||
[2] | As of June 30, 2018, 2017 and 2016, the translation adjustment is inclusive of the effects of our net investment hedges, of which, unrealized losses of $22,014, $17,048, and $4,965 respectively, net of tax, have been included in accumulated other comprehensive loss. |
Property, Plant and Equipment49
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Land improvements | $ 3,440 | $ 2,235 | |
Building and building improvements | 310,947 | 319,822 | |
Machinery and production equipment | 299,760 | 274,813 | |
Machinery and production equipment under capital lease | 67,702 | 54,673 | |
Computer software and equipment | 166,523 | 165,812 | |
Furniture, fixtures and office equipment | 43,010 | 41,612 | |
Leasehold improvements | 53,753 | 51,582 | |
Construction in progress | 11,734 | 12,240 | |
Property, Plant and Equipment, gross | 956,869 | 922,789 | |
Less accumulated depreciation, inclusive of assets under capital lease | (505,803) | (443,273) | |
Property, Plant and Equipment, Other, Net | 451,066 | 479,516 | |
Land | 32,598 | 32,431 | |
Property, plant and equipment, net | 483,664 | 511,947 | |
Depreciation | $ 87,956 | $ 87,145 | $ 76,435 |
Business Combinations (Details)
Business Combinations (Details) € in Thousands, $ in Thousands | Aug. 31, 2017EUR (€) | Aug. 31, 2017USD ($) | Dec. 30, 2016USD ($) | Feb. 01, 2016EUR (€) | Feb. 01, 2016USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016EUR (€) | Jun. 30, 2016USD ($) | Feb. 01, 2016USD ($) | |||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $ 11,874 | |||||||||||||||||||||
Gain (loss) on sale of subsidiaries | 47,545 | $ 0 | $ 0 | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 152,100 | |||||||||||||||||||||
Business Combination, Consideration Transferred | 162,095 | 212,632 | ||||||||||||||||||||
Net Income (Loss) Attributable to Parent | $ (7,300) | $ (2,265) | $ 29,935 | $ 23,363 | $ (34,702) | $ (42,934) | $ 35,028 | $ (29,103) | 43,733 | (71,711) | 54,349 | |||||||||||
Revenues | 631,134 | $ 636,069 | $ 762,054 | $ 563,284 | 564,256 | $ 550,585 | $ 576,851 | $ 443,713 | 2,613,545 | 2,141,095 | 1,788,044 | |||||||||||
Pro forma net income attributable to Cimpress | (71,084) | 41,370 | ||||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 8,810 | |||||||||||||||||||||
Goodwill, Purchase Accounting Adjustments | (144) | [1] | (13,768) | |||||||||||||||||||
Goodwill (1) | 520,843 | 514,963 | $ 466,005 | 520,843 | 514,963 | 466,005 | ||||||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 1,289 | |||||||||||||||||||||
Goodwill, Acquired During Period | 57,720 | |||||||||||||||||||||
Goodwill, Impairment Loss | 6,345 | |||||||||||||||||||||
Business Acquisition, Pro Forma Revenue | 2,294,347 | 2,060,426 | ||||||||||||||||||||
Business Combination, Consideration Transferred, Other | 1,185 | |||||||||||||||||||||
Albumprinter_Disposal [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | € 78,382 | $ 93,071 | ||||||||||||||||||||
Tradeprint Distribution Limited & Litoipografia Alcione S.r.L [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Combination, Consideration Transferred | 25,547 | |||||||||||||||||||||
Goodwill (1) | 9,571 | 9,571 | ||||||||||||||||||||
Customer relationships | 14,359 | 14,359 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,617 | 1,617 | ||||||||||||||||||||
National Pen CO. LLC [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 214,573 | |||||||||||||||||||||
Post Closing Purchase Price Adjustment | 1,941 | |||||||||||||||||||||
Business Combination, Consideration Transferred | 212,632 | |||||||||||||||||||||
Cash Acquired from Acquisition | 8,337 | |||||||||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 19,000 | |||||||||||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 2,005 | |||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||||||
Accrued expenses acquired in business combinations | $ (17,805) | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 1,270 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (12,590) | |||||||||||||||||||||
Business Combination, Acquired Receivable, Fair Value | 20,921 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 19,854 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 11,281 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 29,472 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (908) | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (3,255) | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | $ (9,665) | |||||||||||||||||||||
WIRmachenDRUCK GmbH [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 5,453 | 5,453 | ||||||||||||||||||||
Payments to Acquire Businesses, Gross | € 138,383 | 150,128 | ||||||||||||||||||||
Post Closing Purchase Price Adjustment | € (1,850) | (2,082) | ||||||||||||||||||||
Business Combination, Consideration Transferred | 162,095 | |||||||||||||||||||||
Net Income (Loss) Attributable to Parent | 3,420 | |||||||||||||||||||||
Cash Acquired from Acquisition | $ 15,220 | |||||||||||||||||||||
Revenues | 72,620 | |||||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | € 8,121 | 8,810 | ||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||||||||||||||||||||
Goodwill, Acquired During Period | $ 91,515 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | $ 1,259 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (17,566) | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 5,231 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (26,863) | |||||||||||||||||||||
Trade Names [Member] | National Pen CO. LLC [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | |||||||||||||||||||||
Customer relationships | $ 33,000 | |||||||||||||||||||||
Trade Names [Member] | WIRmachenDRUCK GmbH [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | 15 years | ||||||||||||||||||||
Customer relationships | 24,952 | |||||||||||||||||||||
Customer Relationships [Member] | National Pen CO. LLC [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||||||||||||||||||
Customer relationships | $ 56,000 | |||||||||||||||||||||
Customer Relationships [Member] | WIRmachenDRUCK GmbH [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | 7 years | ||||||||||||||||||||
Customer relationships | 24,952 | |||||||||||||||||||||
Print Network [Member] | WIRmachenDRUCK GmbH [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | 9 years | ||||||||||||||||||||
Customer relationships | 23,867 | |||||||||||||||||||||
Referral Network [Member] | WIRmachenDRUCK GmbH [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | 7 years | ||||||||||||||||||||
Customer relationships | 10,849 | |||||||||||||||||||||
Developed Technology Rights [Member] | National Pen CO. LLC [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |||||||||||||||||||||
Customer relationships | $ 19,000 | |||||||||||||||||||||
Developed Technology Rights [Member] | WIRmachenDRUCK GmbH [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | 3 years | ||||||||||||||||||||
Customer relationships | 8,679 | |||||||||||||||||||||
Maximum [Member] | WIRmachenDRUCK GmbH [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Combination, Contingent Consideration, Liability | € 40,000 | $ 43,395 | ||||||||||||||||||||
Upload and Print Business Units [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Revenues | 730,010 | [2] | 588,613 | [2] | 432,638 | |||||||||||||||||
Goodwill, Purchase Accounting Adjustments | (228) | |||||||||||||||||||||
Goodwill (1) | 328,771 | 321,805 | 319,373 | 328,771 | 321,805 | 319,373 | ||||||||||||||||
Goodwill, Impairment Loss | 6,345 | |||||||||||||||||||||
National Pen CO. LLC [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Revenues | 333,266 | [3] | 112,712 | [3] | 0 | |||||||||||||||||
Goodwill, Purchase Accounting Adjustments | [1] | (86) | ||||||||||||||||||||
Goodwill (1) | 34,434 | 34,520 | 0 | 34,434 | 34,520 | 0 | ||||||||||||||||
Goodwill, Acquired During Period | 57,720 | |||||||||||||||||||||
Goodwill, Transfers | [1] | $ (23,200) | ||||||||||||||||||||
Vistaprint Business Unit [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Revenues | 1,462,686 | [4] | 1,310,975 | [4] | 1,220,751 | |||||||||||||||||
Goodwill, Purchase Accounting Adjustments | [1] | (58) | ||||||||||||||||||||
Goodwill (1) | $ 146,207 | $ 147,207 | $ 121,752 | $ 146,207 | 147,207 | $ 121,752 | ||||||||||||||||
Goodwill, Transfers | $ 23,200 | |||||||||||||||||||||
[1] | Refer to Note 7 for additional details related to our acquisitions. | |||||||||||||||||||||
[2] | Upload and Print segment revenues include inter-segment revenue of $1,521 for the year ended June 30, 2018. No inter-segment revenue was recognized in the prior comparable periods. | |||||||||||||||||||||
[3] | National Pen segment revenues include inter-segment revenue of $2,956 for the year ended June 30, 2018. No inter-segment revenue was recognized in the prior comparable periods. | |||||||||||||||||||||
[4] | Vistaprint segment revenues include inter-segment revenue of $10,542, $5,690 and $3,589 for the years ended June 30, 2018, 2017 and 2016 |
Business Combinations (Details
Business Combinations (Details Textual) - USD ($) $ in Thousands | Dec. 30, 2016 | Feb. 01, 2016 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill | $ 520,843 | $ 514,963 | $ 520,843 | $ 514,963 | $ 466,005 | |||||||||||
Goodwill, Purchase Accounting Adjustments | (144) | [1] | (13,768) | |||||||||||||
Cash consideration | $ 152,100 | |||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 8,810 | |||||||||||||||
Business Combination, Consideration Transferred, Other | 1,185 | |||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | [2] | 0 | 44,049 | 0 | 44,049 | |||||||||||
Revenues | 631,134 | $ 636,069 | $ 762,054 | $ 563,284 | 564,256 | $ 550,585 | $ 576,851 | $ 443,713 | 2,613,545 | 2,141,095 | 1,788,044 | |||||
Net Income (Loss) Attributable to Parent | (7,300) | $ (2,265) | $ 29,935 | $ 23,363 | (34,702) | $ (42,934) | $ 35,028 | $ (29,103) | 43,733 | (71,711) | 54,349 | |||||
Business Combination, Consideration Transferred | $ 162,095 | 212,632 | ||||||||||||||
Goodwill, Acquired During Period | 57,720 | |||||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 1,289 | |||||||||||||||
National Pen CO. LLC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash and cash equivalents | $ 8,337 | |||||||||||||||
Cash consideration | 214,573 | |||||||||||||||
Post Closing Purchase Price Adjustment | (1,941) | |||||||||||||||
Business Combination, Consideration Transferred | 212,632 | |||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 19,000 | |||||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 2,005 | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||
Business Combination, Acquired Receivable, Fair Value | $ 20,921 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 19,854 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 11,281 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 29,472 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 1,270 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (12,590) | |||||||||||||||
Accrued expenses acquired in business combinations | (17,805) | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (908) | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | (3,255) | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | $ (9,665) | |||||||||||||||
Tradeprint Distribution Limited & Litoipografia Alcione S.r.L [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill | 9,571 | |||||||||||||||
Business Combination, Consideration Transferred | 25,547 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 14,359 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,617 | |||||||||||||||
Trade Names [Member] | National Pen CO. LLC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 33,000 | |||||||||||||||
Customer Relationships [Member] | National Pen CO. LLC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 56,000 | |||||||||||||||
Developed Technology Rights [Member] | National Pen CO. LLC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 19,000 | |||||||||||||||
Vistaprint Business Unit [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill | 146,207 | 147,207 | 146,207 | 147,207 | 121,752 | |||||||||||
Goodwill, Transfers | 23,200 | |||||||||||||||
Goodwill, Purchase Accounting Adjustments | [1] | (58) | ||||||||||||||
Revenues | 1,462,686 | [3] | 1,310,975 | [3] | 1,220,751 | |||||||||||
National Pen CO. LLC [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill | $ 34,434 | $ 34,520 | 34,434 | 34,520 | 0 | |||||||||||
Goodwill, Transfers | [1] | $ (23,200) | ||||||||||||||
Goodwill, Purchase Accounting Adjustments | [1] | (86) | ||||||||||||||
Revenues | $ 333,266 | [4] | 112,712 | [4] | $ 0 | |||||||||||
Goodwill, Acquired During Period | $ 57,720 | |||||||||||||||
[1] | Refer to Note 7 for additional details related to our acquisitions. | |||||||||||||||
[2] | On January 2, 2018, we paid the WIRmachenDRUCK contingent earn-out liability, refer to the summary below for additional details. | |||||||||||||||
[3] | Vistaprint segment revenues include inter-segment revenue of $10,542, $5,690 and $3,589 for the years ended June 30, 2018, 2017 and 2016 | |||||||||||||||
[4] | National Pen segment revenues include inter-segment revenue of $2,956 for the year ended June 30, 2018. No inter-segment revenue was recognized in the prior comparable periods. |
Goodwill and Acquired Intangi52
Goodwill and Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Goodwill [Roll Forward] | ||||||
Goodwill, Beginning Balance | $ 514,963 | $ 466,005 | ||||
Goodwill, Acquired During Period | 57,720 | |||||
Goodwill, Purchase Accounting Adjustments | (144) | [1] | (13,768) | |||
Goodwill, Impairment Loss | 6,345 | |||||
Effect of Currency Translation Adjustments | 6,024 | 11,351 | ||||
Ending Balance | 520,843 | $ 514,963 | $ 466,005 | |||
Fair Value Inputs, Discount Rate | 11.50% | |||||
Amortization of acquired intangible assets | 49,881 | $ 46,145 | 40,563 | |||
Impairment of goodwill and acquired intangible assets | 0 | 9,556 | 30,841 | |||
Vistaprint Business Unit [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, Beginning Balance | 147,207 | 121,752 | ||||
Goodwill, Purchase Accounting Adjustments | [1] | (58) | ||||
Goodwill, Transfers | 23,200 | |||||
Effect of Currency Translation Adjustments | (942) | 2,255 | ||||
Ending Balance | 146,207 | 147,207 | 121,752 | |||
Upload and Print Business Units [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, Beginning Balance | 321,805 | 319,373 | ||||
Goodwill, Purchase Accounting Adjustments | (228) | |||||
Goodwill, Impairment Loss | 6,345 | |||||
Effect of Currency Translation Adjustments | 6,966 | 9,005 | ||||
Ending Balance | 328,771 | 321,805 | 319,373 | |||
National Pen CO. LLC [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, Beginning Balance | 34,520 | 0 | ||||
Goodwill, Acquired During Period | 57,720 | |||||
Goodwill, Purchase Accounting Adjustments | [1] | (86) | ||||
Goodwill, Transfers | [1] | $ (23,200) | ||||
Ending Balance | 34,434 | 34,520 | 0 | |||
Tradeprint [Domain] | ||||||
Goodwill [Roll Forward] | ||||||
Impairment of goodwill and acquired intangible assets | 3,211 | |||||
All Other Business Units [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, Beginning Balance | 11,431 | 24,880 | ||||
Goodwill, Purchase Accounting Adjustments | (13,540) | |||||
Effect of Currency Translation Adjustments | 0 | 91 | ||||
Ending Balance | $ 11,431 | $ 11,431 | $ 24,880 | |||
[1] | Refer to Note 7 for additional details related to our acquisitions. |
Goodwill and Acquired Intangi53
Goodwill and Acquired Intangible Assets Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Feb. 01, 2016 | Jun. 30, 2018 | Jun. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 379,112 | $ 374,328 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (148,911) | (98,404) | |
Intangible assets, net | 230,201 | 275,924 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 99,102 | 97,728 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (23,821) | (14,839) | |
Intangible assets, net | 75,281 | 82,889 | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 55,460 | 55,423 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (39,218) | (28,943) | |
Intangible assets, net | 16,242 | 26,480 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 182,545 | 179,715 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (70,655) | (44,475) | |
Intangible assets, net | 111,890 | 135,240 | |
Customer-Related Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 16,289 | 16,291 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (8,312) | (6,185) | |
Intangible assets, net | 7,977 | 10,106 | |
Print Network [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 25,716 | 25,171 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (6,905) | (3,962) | |
Intangible assets, net | $ 18,811 | $ 21,209 | |
WIRmachenDRUCK GmbH [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||
WIRmachenDRUCK GmbH [Member] | Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||
WIRmachenDRUCK GmbH [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||
WIRmachenDRUCK GmbH [Member] | Print Network [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years |
Goodwill and Acquired Intangi54
Goodwill and Acquired Intangible Assets Future amortization of acquired intangible assets (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 42,582 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 37,967 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 37,859 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 36,297 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 28,386 |
Total future amortization expense through the next five years | $ 183,091 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Schedule of other current liabilities [Line Items] | ||
Compensation costs | $ 57,024 | $ 54,487 |
Income and indirect taxes | 33,557 | 34,469 |
Accrued Advertising | 28,140 | 26,641 |
Shipping costs | 5,241 | 6,651 |
Sales returns | 5,076 | 4,474 |
Production costs | 8,903 | 7,472 |
Interest Payable | 1,653 | 5,263 |
Purchases of property, plant and equipment | 4,489 | 3,786 |
Professional costs | 3,802 | 3,021 |
Other | 38,776 | 29,303 |
Accrued Liabilities | $ 186,661 | $ 175,567 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Feb. 01, 2016EUR (€) | Feb. 01, 2016USD ($) | ||
Schedule of other current liabilities [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability, Current | [1] | $ 0 | $ 44,049 | |||
Lease financing obligation, short-term portion | 12,569 | 12,569 | ||||
Derivative Liability, Current | 31,054 | 7,243 | ||||
Capital Lease Obligations, Current | 10,747 | 11,573 | ||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Current | [2] | 0 | 901 | |||
Other Liabilities, Current | 54,971 | 78,435 | ||||
Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions | 1,774 | 32,550 | $ 1,961 | |||
Other Current Liabilities [Member] | ||||||
Schedule of other current liabilities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |||||
Other Liabilities, Current | $ 601 | 2,100 | ||||
WIRmachenDRUCK GmbH [Member] | ||||||
Schedule of other current liabilities [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | $ 5,453 | |||||
WIRmachenDRUCK GmbH [Member] | Maximum [Member] | ||||||
Schedule of other current liabilities [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | € 40,000 | $ 43,395 | ||||
[1] | On January 2, 2018, we paid the WIRmachenDRUCK contingent earn-out liability, refer to the summary below for additional details. | |||||
[2] | Relates to the mandatorily redeemable noncontrolling interest of Printi LLC. The short-term liability as of June 30, 2017 was redeemed during the fourth quarter of fiscal 2018. Refer to Note 15 for additional details. |
Other Balance Sheet Component57
Other Balance Sheet Components Other liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Schedule of other liabilities [Line Items] | |||
Payment of contingent consideration in excess of acquisition date fair value | $ 5,951 | ||
Derivative Liability, Noncurrent | 10,080 | $ 31,936 | |
Capital Lease Obligations, Noncurrent | 16,883 | 28,306 | |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent | [1] | 4,366 | 2,456 |
Other Liabilities, Noncurrent | 69,524 | 94,683 | |
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent | 15,464 | 8,713 | |
Other Noncurrent Liabilities [Member] | |||
Schedule of other liabilities [Line Items] | |||
Other Liabilities, Noncurrent | [2] | $ 38,195 | $ 31,985 |
[1] | Relates to the mandatorily redeemable noncontrolling interest of Printi LLC. The short-term liability as of June 30, 2017 was redeemed during the fourth quarter of fiscal 2018. Refer to Note 15 for additional details. | ||
[2] | As of June 30, 2018 and 2017, other liabilities includes $15,464 and $8,713, respectively, related to share-based compensation awards associated with our investment in Printi LLC. Refer to Note 15 for additional details. |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Jun. 15, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 14, 2018 | |
Line of Credit Facility [Line Items] | ||||||
Debt Issuance Costs, Line of Credit Arrangements, Net | $ 11,666 | $ 229 | ||||
Debt, Long-term and Short-term, Combined Amount | 826,844 | 876,656 | ||||
Other Long-term Debt | 7,015 | 7,541 | ||||
Short-term debt | [1] | 59,259 | 28,926 | |||
Long-term debt | $ 767,585 | 847,730 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||||
Loss on early extinguishment of debt | $ (17,359) | 0 | $ 0 | |||
Premium on Early Debt Redemption | 14,438 | |||||
Write off of Deferred Debt Issuance Cost | $ 3,164 | |||||
Description of variable rate basis | LIBOR | |||||
Debt Instrument, Unamortized Discount | [2] | $ (12,585) | (5,922) | |||
Line of Credit Facility, Maximum Borrowing Capacity after June 14, 2018 Amendment | $ 1,128,172 | |||||
Interest coverage ratio, current [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Covenant Terms | 3 | |||||
Consolidated leverage ratio, current [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Covenant Terms | 4.75 | |||||
Maximum [Member] | Senior leverage ratio, current [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Covenant Terms | 3.25 | |||||
Line of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Unamortized Discount | $ (2,012) | (1,693) | ||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt, Long-term and Short-term, Combined Amount | 432,414 | 600,037 | ||||
Line of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,124,422 | |||||
Line of Credit [Member] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on LIBOR | 1.375% | |||||
Commitment fee (percentage) | 0.225% | |||||
Line of Credit [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on LIBOR | 2.00% | |||||
Commitment fee (percentage) | 0.35% | |||||
Revolving Loan, Maturity June 14, 2023 | ||||||
Line of Credit Facility [Line Items] | ||||||
Weighted average interest rate | 3.77% | |||||
Senior Notes due 2022 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Senior Notes | $ 0 | 275,000 | ||||
Extinguishment of Debt, Amount | $ 275,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 105.25% | |||||
Senior Notes due 2026 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Senior Notes | $ 400,000 | $ 0 | ||||
Proceeds from Issuance of Private Placement | $ 400,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||||
Term Loan [Domain] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity after June 14, 2018 Amendment | 288,750 | |||||
Term Loan [Domain] | Line of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 285,000 | |||||
Revolving Loan, Maturity June 14, 2023 | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity after June 14, 2018 Amendment | $ 839,422 | |||||
Redemption Any Time Prior to April 1, 2018 | Senior Notes due 2026 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 107.00% | |||||
Redemption Any Time Prior to April 1, 2018 - Percentage of Aggregate Outstanding Principal | Senior Notes due 2026 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 40.00% | |||||
[1] | Balances as of June 30, 2018 and June 30, 2017 are inclusive of short-term debt issuance costs and debt discounts of $2,012 and $1,693, respectively | |||||
[2] | During the year ended June 30, 2018, we capitalized $11,666 in debt issuance costs, which related to the private placement of our 7.0% senior unsecured notes due 2026, as well as the amendment to our senior secured credit facility. We wrote-off $3,164 of unamortized costs related to the redemption of our 7.0% Senior unsecured notes due 2022 and amendment to our senior unsecured credit facility. Refer below for additional details. |
Employees' Savings Plan (Detail
Employees' Savings Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Retirement Benefits [Abstract] | |||
Company expensed for plan | $ 11,723 | $ 11,691 | $ 9,073 |
Defined Benefit Plan, Benefit Obligation | 1,268 | 1,658 | |
Assets for Plan Benefits, Defined Benefit Plan | 3,050 | 3,920 | |
Pension Cost (Reversal of Cost) | $ 55 | $ 1,191 | $ 1,820 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jul. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 50,466 | $ 48,627 | $ 23,772 | |
Issuance of ordinary shares due to share option exercises, Shares | (485,323) | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 1,607 | $ 1,546 | $ 832 | |
Fair Market Value of Ordinary Shares | 100.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Stock Repurchase Program Exchange Rate for Restricted Shares of Other Share Based Award | 1 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 8,771,434 | |||
Stock Repurchase Program Exchange Rate For Ordinary Shares | 1.56 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 36,213 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,651,308 | 2,138,426 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.84% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 47.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 38.18 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (1,795) | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 39.63 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 57.67 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 48.74 | $ 46.68 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 11 months | 2 years 7 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 158,887 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,563,489 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 48.64 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 150,589 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 46,853 | $ 25,566 | $ 5,494 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (485,323) | |||
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent | $ 15,464 | 8,713 | ||
Ordinary Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 50,466 | $ 48,627 | $ 23,828 | |
Supplemental Performance Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 13,503 | |||
Restricted Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 65,050 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 8,291 | 12,437 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 64.53 | $ 64.53 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (4,146) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 64.53 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | |||
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Nonvested, Aggregate Intrinsic Value | $ 1,202 | |||
2016 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 250.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 119.04 | 123.06 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 361,582 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 115.02 | $ 123.51 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 680,763 | 375,038 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (55,857) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 120.04 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 98,683 | $ 35,452 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance based RSUs outstanding | 156,000 | |||
Performance based RSUs forfeited | 140,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 209,868 | 334,370 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 76.67 | $ 74.57 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 97.25 | $ 75.63 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (98,039) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 69.03 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (26,463) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 78.39 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 11,581 | $ 21,130 | $ 21,810 | |
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Nonvested, Aggregate Intrinsic Value | $ 30,422 | |||
Pixartprinting S.p.A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 10,947 | |||
March 22, 2017 authorization [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 6,300,000 | |||
Stock Repurchased During Period, Shares | 452,820 | |||
Stock Repurchased During Period, Value | $ 40,674 | |||
November 14, 2017 authorization [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 6,300,000 | |||
Stock Repurchased During Period, Shares | 442,557 | |||
Stock Repurchased During Period, Value | $ 54,036 | |||
Maximum [Member] | Restricted Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Maximum [Member] | 2016 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares Authorized for Grants | 8,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 250.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,701,908 | |||
Minimum [Member] | Restricted Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||
Minimum [Member] | 2016 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 94,925 | $ 85,728 | |
Deferred tax assets, Depreciation and Amortization | 3,211 | 2,331 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 6,023 | 6,478 | |
Income tax expense (benefit) | 19,578 | (7,118) | $ 15,684 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 17,194 | 20,999 | |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 6,649 | 2,688 | |
Deferred Tax Assets, Derivative Instruments | 7,552 | 7,121 | |
Deferred Tax Assets, Other | 3,206 | 3,060 | |
Deferred Tax Assets, Gross | 138,760 | 128,405 | |
Valuation Allowances and Reserves, Balance | 58,716 | 56,953 | |
Valuation Allowances and Reserves, Additions for Charges to Cost and Expense | 3,171 | ||
Valuation Allowances and Reserves, Additions for Charges to Other Accounts | (1,408) | ||
Deferred Tax Assets, Net of Valuation Allowance | 80,044 | 71,452 | |
Deferred Tax Liabilities Deferred Expense Depreciation And Amortization | (54,102) | (71,477) | |
IP installment obligation | (2,103) | (6,460) | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | (4,592) | (4,374) | |
Deferred Tax Liabilities, Derivatives | (1,034) | 0 | |
Deferred Tax Liabilities, Other | (2,369) | (1,880) | |
Deferred Tax Liabilities, Gross | (64,200) | (84,191) | |
Deferred Tax Liabilities, Net | (15,844) | $ (12,739) | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 621,297 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 2,348 | ||
Undistributed Earnings of Foreign Subsidiaries | $ 29,406 | ||
Tax payment term | 7 years 6 months | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (5,864) | $ 2,546 | |
Research Tax Credit Carryforward [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation Allowances and Reserves, Balance | 2,311 | ||
Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Potential tax withholding, Repatriated Earnings | 7,000 | ||
Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Potential tax withholding, Repatriated Earnings | 8,000 | ||
Switzerland | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 44,092 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Operating Loss Carryforwards [Line Items] | ||||||
U.S. | $ 9,183 | $ 13,390 | $ 23,057 | |||
Non-U.S. Income (Loss) | 57,183 | (92,707) | 43,038 | |||
Income (loss) before income taxes | 66,366 | (79,317) | 66,095 | |||
U.S. Federal Current | 446 | (1,144) | 7,915 | |||
U.S. State Current | (117) | 1,344 | 116 | |||
Non-U.S. Current | 33,065 | 26,191 | 23,164 | |||
Current Income Tax Expense (Benefit) | 33,394 | 26,391 | 31,195 | |||
U.S. Federal Deferred | (6,673) | (1,999) | (2,353) | |||
U.S. State Deferred | 2,306 | (1,497) | 13 | |||
Non-U.S. Deferred | (9,449) | (30,013) | (13,171) | |||
Deferred Income Tax Expense (Benefit) | (13,816) | (33,509) | (15,511) | |||
Income tax expense (benefit) | 19,578 | $ (7,118) | 15,684 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (5,864) | $ 2,546 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 28.00% | 35.00% | 35.00% | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | (2.40%) | (0.10%) | 0.10% | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (1.30%) | (15.50%) | (35.70%) | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | 0.00% | (1.60%) | 16.10% | |||
Effective Income Tax Rate Reconciliation, Deduction, Other, Percent | 4.00% | 0.40% | 0.00% | |||
Effective Income Tax Rate Reconciliation, Deduction, Percent | (15.10%) | (7.40%) | (2.20%) | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 6.70% | (21.90%) | 26.90% | |||
Effective Income Tax Rate Reconciliation, Nondeductible acquisition-related payments, Percent | 3.60% | (18.00%) | 4.00% | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 10.40% | 0.00% | 0.00% | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent | (1.90%) | (5.00%) | (5.30%) | |||
Effective Income Tax Rate Reconciliation, Benefit on IP transfer, Percent | 0.00% | 13.80% | (17.70%) | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation, Percent | (1.90%) | 0.50% | 0.00% | |||
Effective Income Tax Reconciliation, Tax on Unremitted Earnings, Percent | 0.70% | (1.60%) | 4.60% | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 2.90% | (1.30%) | 0.20% | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent | (4.80%) | (7.10%) | (4.00%) | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.60% | (0.20%) | 1.70% | |||
Effective Income Tax Rate Reconciliation, Percent | 29.50% | 9.00% | 23.70% | |||
Tax payment term | 7 years 6 months | |||||
Unrecognized Tax Benefits | $ 4,705 | $ 5,383 | $ 4,249 | $ 5,710 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4,442 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 448 | 384 | 142 | |||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 612 | 632 | 328 | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 93 | 1,580 | 132 | |||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (261) | (30) | (363) | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (31) | (1,048) | (1,129) | |||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (1,105) | (429) | ||||
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 14 | |||||
Minimum [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Unrecognized Tax Benefits | $ 700 | |||||
Minimum [Member] | Non-US [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 10.00% | |||||
Maximum [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Unrecognized Tax Benefits | $ 900 | |||||
Maximum [Member] | Non-US [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 34.00% | |||||
Tax Cuts and Jobs Act of 2017 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Income tax expense (benefit) | $ 5,752 | |||||
Retained Earnings [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 3,800 | (5,864) | 2,000 | |||
Retained Earnings [Member] | Accounting Standards Update 2016-16 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 5,863 | |||||
Deferred Tax Assets [Member] | Accounting Standards Update 2016-16 [Member] | SWITZERLAND | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 18,710 | |||||
Deferred Tax Assets [Member] | Accounting Standards Update 2016-16 [Member] | State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 4,908 | |||||
Deferred Tax Assets [Member] | Accounting Standards Update 2016-16 [Member] | Non-Swiss [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 24,573 | |||||
Share Based Compensation Expense [Member] | Accounting Standards Update 2016-16 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 12,802 | 8,003 | ||||
Income Taxes [Member] | Accounting Standards Update 2016-16 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 8,363 | 12,926 | 12,764 | |||
Income Taxes [Member] | Accounting Standards Update 2016-09 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 12,802 | $ 8,003 | $ 3,456 |
Noncontrolling interest (Detail
Noncontrolling interest (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2018EUR (€) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2018USD ($) | |
Noncontrolling Interest [Line Items] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 213 | $ 285 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 3,055 | (488) | $ (3,938) | ||
Proceeds from Noncontrolling Interests | 35,390 | 0 | 0 | ||
Temporary Equity, Accretion to Redemption Value | 68 | 4,919 | |||
WIRmachenDRUCK GmbH [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 12.00% | 12.00% | |||
Proceeds from Noncontrolling Interests | € 30,000 | 35,390 | |||
Exagroup SAS [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | 70.00% | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | |||
Redeemable Noncontrolling Interest, Equity, Other, Redemption Value | € | € 39,000 | ||||
Pixartprinting S.p.A [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 10,947 | ||||
JAPAN | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 9,352 | ||||
Noncontrolling Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Decrease from Deconsolidation | (90) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 213 | 351 | $ 285 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 72 | 4 | |||
Other Comprehensive (Income) Loss, Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | (52) | ||||
Redeemable noncontrolling interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 45,412 | $ 65,301 | $ 86,151 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 2,983 | (864) | |||
Proceeds from Noncontrolling Interests | 35,390 | ||||
Other Comprehensive (Income) Loss, Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | $ 2,366 | (502) | |||
Proceeds from Contributions from Affiliates | 1,404 | ||||
Exagroup SAS [Member] | Redeemable noncontrolling interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Temporary Equity, Accretion to Redemption Value | 372 | ||||
Vistaprint Japan Co., Ltd. [Member] | Pixartprinting S.p.A [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ (20,299) |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Variable Interest Entity [Line Items] | |||
Payments to Noncontrolling Interests | $ 1,144 | $ 20,230 | $ 0 |
Liability equity award, fair value | 4,366 | 3,357 | |
Liability equity award, expense recognized during period | $ 6,792 | $ 5,803 | $ 1,517 |
Additional ownership percentage purchase, Variable interest entity | 3.70% | ||
Loans to employee | $ 24,000 | ||
Due from Employees, Noncurrent | $ 22,234 | ||
Interest rate on loan receivable | 8.50% | ||
Printi LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Payments to Noncontrolling Interests | $ 1,144 | ||
Variable Interest Entity, Ownership Percentage | 53.69% | ||
Interest Expense [Member] | |||
Variable Interest Entity [Line Items] | |||
Adjustment to mandatorily redeemable noncontrolling interest | $ 2,153 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Payments to Develop Software | $ 40,847 | $ 37,307 | $ 26,324 | |||||||||||
Number of Reportable Segments | 4 | |||||||||||||
Revenues, Including Intersegment | $ 631,134 | $ 636,069 | $ 762,054 | $ 563,284 | $ 564,256 | $ 550,585 | $ 576,851 | $ 443,713 | $ 2,613,545 | 2,141,095 | 1,788,044 | |||
Revenue | 2,592,541 | 2,135,405 | 1,788,044 | |||||||||||
Other Operating Income | (308,334) | (197,344) | (263,826) | |||||||||||
Depreciation, Depletion and Amortization | 169,005 | 158,400 | 131,918 | |||||||||||
Change in contingent earn-out liability | 1,774 | 39,377 | 0 | |||||||||||
Share-based compensation expense | (50,466) | (48,627) | (23,772) | |||||||||||
Restructuring Charges | [1] | (15,236) | (26,700) | (381) | ||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 47,945 | [2] | 0 | 0 | ||||||||||
(Loss) income from operations | 157,800 | (45,702) | 78,193 | |||||||||||
Other (expense) income, net | (21,032) | 10,362 | 26,098 | |||||||||||
Interest expense, net | (53,043) | (43,977) | (38,196) | |||||||||||
Loss on early extinguishment of debt | (17,359) | 0 | 0 | |||||||||||
Income (loss) before income taxes | 66,366 | (79,317) | 66,095 | |||||||||||
Property, Plant and Equipment, Additions | 60,930 | 74,157 | 80,435 | |||||||||||
Long-lived assets | [3] | 482,864 | 478,933 | 482,864 | 478,933 | |||||||||
Deferred tax assets | 67,087 | 48,004 | 67,087 | 48,004 | ||||||||||
Goodwill | 520,843 | 514,963 | 520,843 | 514,963 | 466,005 | |||||||||
Intangible assets, net | 230,201 | 275,924 | 230,201 | 275,924 | ||||||||||
Property, plant and equipment, net | 483,664 | 511,947 | 483,664 | 511,947 | ||||||||||
Canada [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Long-lived assets | 81,334 | 85,926 | 81,334 | 85,926 | ||||||||||
Netherlands [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Long-lived assets | 109,556 | 83,223 | 109,556 | 83,223 | ||||||||||
Switzerland | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Long-lived assets | 52,523 | 49,017 | 52,523 | 49,017 | ||||||||||
Australia [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Long-lived assets | 22,418 | 22,961 | 22,418 | 22,961 | ||||||||||
Jamaica [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Long-lived assets | 21,720 | 21,492 | 21,720 | 21,492 | ||||||||||
FRANCE | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Long-lived assets | 20,131 | 22,794 | 20,131 | 22,794 | ||||||||||
ITALY | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Long-lived assets | 42,514 | 44,423 | 42,514 | 44,423 | ||||||||||
JAPAN | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Long-lived assets | 19,117 | 20,686 | 19,117 | 20,686 | ||||||||||
Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue | 1,173,116 | 978,275 | 881,353 | |||||||||||
Long-lived assets | 67,842 | 64,377 | 67,842 | 64,377 | ||||||||||
UNITED STATES | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue | 1,078,544 | 901,061 | 781,335 | |||||||||||
Long-lived assets | 45,709 | 64,034 | 45,709 | 64,034 | ||||||||||
Waltham Lease [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Interest Expense | 7,489 | 7,727 | 6,287 | |||||||||||
Property, plant and equipment, net | 111,926 | 116,045 | 111,926 | 116,045 | ||||||||||
Central and corporate costs [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Payments to Develop Software | 8,225 | 7,942 | 9,902 | |||||||||||
(Increase) decrease in segment profit | (1,290) | (1,080) | ||||||||||||
Other Operating Income | 131,400 | 118,093 | ||||||||||||
Depreciation, Depletion and Amortization | (12,940) | (13,061) | ||||||||||||
Property, Plant and Equipment, Additions | 1,208 | 4,399 | 13,595 | |||||||||||
Quarterly Financial Information, Quarterly Charges and Credits, Amount Reconciling to Previously Reported Results | 1,290 | 1,080 | ||||||||||||
All Other Business Units [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Payments to Develop Software | 2,336 | 1,568 | 2,032 | |||||||||||
Revenues, Including Intersegment | 87,583 | [4] | 128,795 | [4] | 138,244 | |||||||||
(Increase) decrease in segment profit | (560) | (402) | ||||||||||||
Other Operating Income | 34,620 | 31,307 | 9,328 | |||||||||||
Depreciation, Depletion and Amortization | (9,609) | (15,074) | (18,111) | |||||||||||
Restructuring Charges | (819) | |||||||||||||
Property, Plant and Equipment, Additions | 1,680 | 12,735 | 19,160 | |||||||||||
Goodwill | 11,431 | 11,431 | 11,431 | 11,431 | 24,880 | |||||||||
Quarterly Financial Information, Quarterly Charges and Credits, Amount Reconciling to Previously Reported Results | 560 | 402 | ||||||||||||
Vistaprint Business Unit [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Payments to Develop Software | 24,794 | 23,624 | 11,390 | |||||||||||
Revenues, Including Intersegment | 1,462,686 | [5] | 1,310,975 | [5] | 1,220,751 | |||||||||
(Increase) decrease in segment profit | (2,494) | (1,919) | ||||||||||||
Other Operating Income | (241,479) | (167,687) | (214,947) | |||||||||||
Depreciation, Depletion and Amortization | (65,311) | (63,923) | (40,686) | |||||||||||
Restructuring Charges | (12,112) | |||||||||||||
Property, Plant and Equipment, Additions | 35,265 | 38,434 | 32,028 | |||||||||||
Goodwill | 146,207 | 147,207 | 146,207 | 147,207 | 121,752 | |||||||||
Quarterly Financial Information, Quarterly Charges and Credits, Amount Reconciling to Previously Reported Results | 2,494 | 1,919 | ||||||||||||
Upload and Print Business Units [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Payments to Develop Software | 4,010 | 4,173 | 3,000 | |||||||||||
Revenues, Including Intersegment | 730,010 | [6] | 588,613 | [6] | 432,638 | |||||||||
(Increase) decrease in segment profit | (644) | (436) | ||||||||||||
Other Operating Income | (79,310) | (63,189) | (58,207) | |||||||||||
Depreciation, Depletion and Amortization | (59,599) | (56,073) | (47,696) | |||||||||||
Property, Plant and Equipment, Additions | 16,212 | 14,875 | 15,652 | |||||||||||
Goodwill | 328,771 | 321,805 | 328,771 | 321,805 | 319,373 | |||||||||
Quarterly Financial Information, Quarterly Charges and Credits, Amount Reconciling to Previously Reported Results | 644 | 436 | ||||||||||||
National Pen CO. LLC [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Payments to Develop Software | 1,482 | 0 | 0 | |||||||||||
Revenues, Including Intersegment | 333,266 | [7] | 112,712 | [7] | 0 | |||||||||
Other Operating Income | (22,165) | 2,225 | 0 | |||||||||||
Depreciation, Depletion and Amortization | (21,546) | (10,269) | 0 | |||||||||||
Restructuring Charges | (1,116) | |||||||||||||
Property, Plant and Equipment, Additions | 6,565 | 3,714 | 0 | |||||||||||
Goodwill | $ 34,434 | $ 34,520 | 34,434 | 34,520 | 0 | |||||||||
Central and corporate costs | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Other Operating Income | 97,672 | |||||||||||||
Depreciation, Depletion and Amortization | (25,425) | |||||||||||||
Restructuring Charges | (2,249) | (25,584) | ||||||||||||
Acquisition-related amortization and depreciation [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Depreciation, Depletion and Amortization | 50,149 | 46,402 | 40,834 | |||||||||||
Share-based compensation related to investment consideration [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Share-based compensation expense | (6,792) | (9,638) | (4,835) | |||||||||||
Restructuring Charges | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Share-based compensation expense | (1,327) | (6,257) | 0 | |||||||||||
Restructuring Charges | (15,236) | (26,700) | (381) | |||||||||||
Certain impairments [Domain] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Asset Impairment Charges | 0 | (9,556) | (41,820) | |||||||||||
Change in fair value of contingent consideration [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Change in contingent earn-out liability | [8] | (2,391) | (40,384) | (6,378) | ||||||||||
Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues, Including Intersegment | 1,791,633 | |||||||||||||
Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues, Including Intersegment | (21,004) | (5,690) | (3,589) | |||||||||||
Intersegment Eliminations [Member] | All Other Business Units [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues, Including Intersegment | 5,985 | |||||||||||||
Intersegment Eliminations [Member] | Vistaprint Business Unit [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues, Including Intersegment | 10,542 | $ 5,690 | $ 3,589 | |||||||||||
Intersegment Eliminations [Member] | Upload and Print Business Units [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues, Including Intersegment | 1,521 | |||||||||||||
Intersegment Eliminations [Member] | National Pen CO. LLC [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues, Including Intersegment | $ 2,956 | |||||||||||||
[1] | Share-based compensation is allocated as follows: | |||||||||||||
[2] | ncludes the impact of the gain on the sale of Albumprinter, as well as a bargain purchase gain as defined by ASC 805-30 - "Goodwill or Gain from Bargain Purchase" for an acquisition in which the identifiable assets acquired and liabilities assumed are greater than the consideration transferred, that was recognized in general and administrative expense in our consolidated statement of operations during the | |||||||||||||
[3] | Excludes goodwill of $520,843 and $514,963, intangible assets, net of $230,201 and $275,924, the Waltham lease asset of $111,926 and $116,045, and deferred tax assets of $67,087 and $48,004 as of June 30, 2018 and June 30, 2017, respectively. | |||||||||||||
[4] | All Other Businesses segment revenues include inter-segment revenue of $5,985 for the year ended June 30, 2018. No inter-segment revenue was recognized in the prior comparable periods. | |||||||||||||
[5] | Vistaprint segment revenues include inter-segment revenue of $10,542, $5,690 and $3,589 for the years ended June 30, 2018, 2017 and 2016 | |||||||||||||
[6] | Upload and Print segment revenues include inter-segment revenue of $1,521 for the year ended June 30, 2018. No inter-segment revenue was recognized in the prior comparable periods. | |||||||||||||
[7] | National Pen segment revenues include inter-segment revenue of $2,956 for the year ended June 30, 2018. No inter-segment revenue was recognized in the prior comparable periods. | |||||||||||||
[8] | Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment. |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 2,592,541 | $ 2,135,405 | $ 1,788,044 |
Segment Information Textuals Abstract | |||
Property, Plant and Equipment, Additions | 60,930 | 74,157 | 80,435 |
Physical printed products and other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 2,537,201 | 2,076,564 | 1,724,676 |
Digital products/services [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 55,340 | 58,841 | 63,368 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 1,078,544 | 901,061 | 781,335 |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 1,173,116 | 978,275 | 881,353 |
GERMANY | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 340,881 | 256,069 | 125,356 |
Vistaprint Business Unit [Member] | |||
Segment Information Textuals Abstract | |||
Property, Plant and Equipment, Additions | 35,265 | 38,434 | 32,028 |
Upload and Print Business Units [Member] | |||
Segment Information Textuals Abstract | |||
Property, Plant and Equipment, Additions | 16,212 | 14,875 | 15,652 |
National Pen CO. LLC [Member] | |||
Segment Information Textuals Abstract | |||
Property, Plant and Equipment, Additions | 6,565 | 3,714 | 0 |
All Other Business Units [Member] | |||
Segment Information Textuals Abstract | |||
Property, Plant and Equipment, Additions | $ 1,680 | $ 12,735 | $ 19,160 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total lease expense | $ 14,231 | $ 13,959 | $ 12,943 |
Capital Leased Assets | 31,032 | ||
Capital lease asset, accumulated depreciation | 36,670 | ||
Capital Lease Obligations | 27,630 | ||
Unrecorded unconditional purchase obligation | 57,291 | ||
Installment obligation | $ 2,103 | ||
Tax payment term | 7 years 6 months | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 10,850 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 7,527 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 4,037 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 1,869 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 1,026 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 2,287 | ||
Capital Leases, Future Minimum Payments Due | 27,596 | ||
Total Lease Obligaitons, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Total lease obligation, Future minimum payments due | 201,114 | ||
Total lease obligation, Future minimum payments due, Due thereafter | 45,605 | ||
Total lease obligation, Future minimum payments due, Due in Five Years | 18,340 | ||
Total lease obligation, Future minimum payments due, Due in Four Years | 22,720 | ||
Total lease obligation, Future minimum payments, Due in Three Years | 29,749 | ||
Total lease obligation, Future minimum payments due, Due in Two Years | 38,658 | ||
Total lease obligation, Future minimum payments due, next twelve months | 46,042 | ||
Build-to-Suit Lease Obligation [Member] | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due | 96,680 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 35,616 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 10,788 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 12,569 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 12,569 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 12,569 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 12,569 | ||
Operating Lease Obligation [Member] | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due | 76,838 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 7,702 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 6,526 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 8,282 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 13,143 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 18,562 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 22,623 | ||
Upload and Print Business Units [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Contingent Consideration | 3,457 | ||
Third-party web services [Domain] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded unconditional purchase obligation | 21,000 | ||
Production and Computer Equipment [Domain] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded unconditional purchase obligation | 8,231 | ||
Professional Fees [Domain] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded unconditional purchase obligation | 3,559 | ||
Inventories [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded unconditional purchase obligation | 8,361 | ||
Advertising Purchase Commitment [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded unconditional purchase obligation | 2,153 | ||
Other purchase commitments [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded unconditional purchase obligation | $ 13,987 |
Commitments and Contingencies L
Commitments and Contingencies Lease Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 14, 2018 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 61,225 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 31,405 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 38,713 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 45,902 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 261,775 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 400,409 | |
Long-term Debt | $ 839,429 | |
Line of Credit Facility, Maximum Borrowing Capacity after June 14, 2018 Amendment | $ 1,128,172 | |
Term Loan [Domain] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity after June 14, 2018 Amendment | 288,750 | |
Revolving Loan, Maturity June 14, 2023 | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity after June 14, 2018 Amendment | $ 839,422 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 1,387 | $ 4,810 | $ 0 | |
Restructuring Charges | [1] | 15,236 | 26,700 | 381 |
Payments for Restructuring | (17,342) | (15,022) | ||
Restructuring Reserve, Settled without Cash | (1,317) | (6,868) | ||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 1,385 | 4,602 | 0 | |
Restructuring Charges | 15,236 | 24,020 | ||
Payments for Restructuring | (17,136) | (13,161) | ||
Restructuring Reserve, Settled without Cash | (1,317) | (6,257) | ||
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 2 | 208 | $ 0 | |
Restructuring Charges | 0 | 2,680 | ||
Payments for Restructuring | (206) | (1,861) | ||
Restructuring Reserve, Settled without Cash | (611) | |||
Vistaprint Business Unit [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 12,112 | |||
All Other Business Units [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 819 | |||
Central and corporate costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 2,249 | 25,584 | ||
National Pen CO. LLC [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 1,116 | |||
Other Restructuring [Member] | Central and corporate costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 56 | |||
[1] | Share-based compensation is allocated as follows: |
Quarterly Financial Data (una70
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Quarterly Financial Data (unaudited) [Abstract] | ||||||||||||||
Revenues | $ 631,134 | $ 636,069 | $ 762,054 | $ 563,284 | $ 564,256 | $ 550,585 | $ 576,851 | $ 443,713 | $ 2,613,545 | $ 2,141,095 | $ 1,788,044 | |||
Revenue | 2,592,541 | 2,135,405 | 1,788,044 | |||||||||||
Cost of revenue | 316,550 | 319,209 | 360,285 | 283,755 | 279,077 | 268,482 | 276,366 | 213,050 | 1,279,799 | [1] | 1,036,975 | [1] | 773,640 | [1] |
Net income (loss) | (5,639) | (1,602) | 30,623 | 23,406 | (34,513) | (42,678) | 35,022 | (30,030) | 46,788 | (72,199) | 50,411 | |||
Net Income (Loss) Attributable to Parent | $ (7,300) | $ (2,265) | $ 29,935 | $ 23,363 | $ (34,702) | $ (42,934) | $ 35,028 | $ (29,103) | $ 43,733 | $ (71,711) | $ 54,349 | |||
Basic net income (loss) per share attributable to Cimpress N.V. | $ (0.24) | $ (0.07) | $ 0.96 | $ 0.75 | $ (1.11) | $ (1.38) | $ 1.12 | $ (0.92) | $ 1.41 | $ (2.29) | $ 1.72 | |||
Diluted net income per share attributable to Cimpress N.V. | $ (0.24) | $ (0.07) | $ 0.93 | $ 0.72 | $ (1.11) | $ (1.38) | $ 1.07 | $ (0.92) | $ 1.36 | $ (2.29) | $ 1.64 | |||
[1] | Share-based compensation is allocated as follows: |
Subsequent Events (Details)
Subsequent Events (Details) - VIDA Group Co. [Domain] - Subsequent Event [Member] $ in Thousands | Jul. 02, 2018USD ($) |
Subsequent Event [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 74.00% |
Business Combination, Consideration Transferred - Subsequent Event | $ 29,000 |